Alternative to annuity does exist

Julian Stevens, managing partner, WDS IFAs, Kingswood, Bristol RE: The time has come to rethink annuities (IW, 24 March) Sir, In his article on rethinking annuities, Ken Wrench states that 'no one, including the proponents of annuity reform, has suggested an alternative investment to solve the problem'. I beg to differ. As long ago as August 2001, I wrote in a letter to another industry paper: 'Upon reaching retiring age, the personal pension holder could transfer his/her accumulated fund to a joint life Pensioner Bond (with his/her spouse) and draw from it a set level of...