Modernising the annuity market

We’ve seen a good deal of hand wringing among industry bodies and media about the poor state of advice associated with annuity purchase. This is becoming a more significant issue as more of us retire each year. 2012 saw a record number of baby boomers reaching the statutory retirement age of 65 – 726,069 in England and Wales alone (Source: ONS). At least 400,000 of these retirees will go on to buy annuities. Yet according to a recent report from the National Association of Pension Funds (NAPF) and Pensions Institute called Treating DC scheme holders fairly in retirement?, most will no...