With stock market falls hitting the value of pension funds, investors approaching age 75 now face the dilemma of whether to buy an annuity or opt for the "get-out clause" - the alternatively secured pension (ASP).

The political debate over whether people should be forced to buy an annuity for income has intensified, with the House of Lords due to consider the issue on Monday. The Liberal Democrats are proposing that the age at which a person has to buy an annuity be raised to 85, while the Conservatives believe that the requirement to annuitise should be temporarily suspended to allow pension pots time to recover.