In our first report, we focussed primarily on the dramatic impact of changes announced in the 2014 Budget, with an initial impact on annuity sales seeing a drop in demand in June.
In the last edition, we reported some signs of this market stabilising with annuity sales in September up by 14% since the June.
In this latest edition, we see signs of the market ‘holding its breath’, with consumers and providers alike waiting for the changes to come into effect in April. We examine how annuity demand and rates have changed in the final quarter of the last year and also review 2014 as a whole.
With annuity rates far from their historic peak, we look to assess the extent to which equity release has filled the income gap for retirees in 2014, and its prospects for growth in 2015. We also examine the role drawdown is playing - and will play in the future, alongside flexible lump sum as we look forward to the “new world” at retirement.
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.
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