Julia Bahr looks at the return of annuities, the ‘one and done’ option for retirement income. Could drawdown, and therefore, the need for ongoing retirement income advice be on the wane?
Annuities, the once all but forgotten retirement income option, are back on the agenda with both clients and advisers sitting up and taking notice of vastly improved rates. Annuity rates have risen by 52% last year to a 14-year high in October 2022 due to soaring gilt yields. Last year saw a 44% increase in average benchmark rates between 1 January and 1 December, according to research from Canada Life. Here PA speaks to advisers and industry experts about the potential impact an annuity renaissance could have on their industry. Rowley Turton Chartered financial planner Scott Galla...
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