Stephen Lowe, group communications director at Just Group, agreed that current market volatility meant more people would turn to annuities and other guaranteed income products.
He said: “Market conditions are making it hard for all investors to find safe places to put their money and those same conditions are making guaranteed income products, the ultimate safe place, more valuable.
"This makes the role of the adviser all the more important in getting the mix of secure income and investment risk right, and helping clients to shop around to get the best deals on their secure income.”
Average quarterly pension fund growth and average quarterly annuity income change
Average pension fund growth
Average annuity income change
The research also found that pension fund growth had fallen slightly with the average fund returning 4.1 per cent in the second quarter of 2019, compared with 6.7 per cent growth in Q1.
Despite this, the average pension fund is up by 11.2 per cent since the start of the year, reversing last year’s average loss of 6.2 per cent.
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