In our first report, we focussed primarily on the dramatic impact the changes announced in the Budget had on those decisions of those approaching or ‘at retirement’, with an initial impact on annuity sales seeing a drop in demand in June.
In this latest edition, we are pleased to report some signs of this market stabilising with annuity sales in September up by 14% since the June trough.
We have also taken a look at the wider options now available with a special focus on equity release. We examine whether equity release can help cover prospective shortfalls for pensioners and whether this is likely to grow in popularity after April 2015.
One thing remains certain, with annuity rates under pressure, ever more options, and the greater ability to access pension savings, it is imperative that consumers understand the full range of options, and how these apply to their own individual circumstances, before acting. Advisers clearly have a key role to play in helping consumers evaluate their assets, whether property, savings or pension pots, as a whole as they approach retirement.
We hope you enjoy reading our report.
Developed with the Association of Mortgage Intermediaries (AMI) and the Intermediary Mortgage Lenders Association (IMLA), this report provides insight to lender best practice and the experiences of intermediaries in the UK mortgage market.
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The report marks changes in the 'at retirement' space, with a particular focus on the evolution of the annuity market, and how this is impacting decision-making and retirees' returns.
We have now published the fourth edition of our At Retirement Report, marking changes in the 'at retirement' space, and how this is impacting decision-making and retirees' returns.