Annuity alternatives nothing new says Pru and drawdown bureau

The campaign for annuity reform may be gathering pace but close scrutiny of the pension market reveals there are already several alternatives to pensioners having to make a compulsory annuity purchase. The news this week that heralded 'annuities set for equity freedom' was in fact not news at all but the launch of another pension product offering a twist to the topic of cross-subsidy. Pensioners are still required to make compulsory purchases of annuities at the age of 75 and London & Colonial's 'open annuity' option does not change that fact - only legislation can do that. Instead t...