Survival of fittest

Never has so much been said about annuities and their future than in the last three years. Brought about by plummeting interest rates and improving mortality, the industry and consumer groups are desperately searching for alternatives that will address the shortcomings of annuities as they are now perceived. The Government has already introduced legislation to allow drawdown from personal pensions and this has greatly improved the scene for those wanting to take benefits from their pension funds. Drawdown favours the individual with the larger pension fund as the costs and risks associat...