Understanding fixed-term annuities

For the past six weeks the retirement industry has been vigorously debating fixed-term annuities and whether they are good products for today's retirees. The discussion was kicked off by Legal & General's group executive director for protection and annuities John Pollock who was quoted as saying fixed-term annuities were not a good deal for customers and that the firm had voiced its concerns to the FSA. The resulting furore saw providers and advisers alike voicing strong opinions both for and against the products. So what are the issues here and does Legal & Generals' view have any me...