Over the last year, the number of annuities sold fell 64 per cent.
Income solutions are attractive alternatives to annuities but they do not provide guarantees.
Provider says launch is directly linked to both the pension freedoms which come into full force in April.
Two providers reveal they will offer full flexibility, with one stating that it “will strive” to offer UFPLS.
Intelligent Pensions know of at least one provider who is working on a product that will give longer guarantees.
Operating profits still down 10 per cent, but defined benefit scheme sales were up 39 per cent on previous period.
Analysis & Opinion
“The challenge always is trying to find ways of giving information in ways that consumers engage with”.
Surely advisers should be able to give a recommendation, but assist a client with their wishes.
The RDR threw the baby out with the bathwater when it changed how IFAs charged customers
As the delivery date for pension freedoms nears, attention is turning to how the average client might react to the changes
More on Annuities
News Review: Friends Life underpaid 1,200 customers as a result of mis-calculated with-profits bonuses.
New Review: Providers would retain risk pool and would avoid writing a welter of cheques.
Feb 20, 2015
Total quarterly annuity premiums fell by 13 per cent in the fourth quarter to £334.8m.
Feb 20, 2015
“People approaching retirement need to be encouraged to purchase retirement income products that limit downside risks.”
Personal Pensions| Feb 18, 2015
Hargreaves has already received over 175,000 requests for information relating to the new regime.
Feb 16, 2015
Retirement income provider’s analysis shows 50/50 chance of outliving drawdown income.