Only 10% of advisers would look to purchase an annuity with the whole amount of their pension savings, according to Skandia.
The research also found over half of advisers would use their entire pension savings to go directly into income withdrawal, while 38% would use a combination of income withdrawal and an annuity. Their reluctance to embrace annuities for themselves has made advisers more likely to recommend income withdrawal to their clients, with 61% of advisers expecting income withdrawal business to increase over the next year. Nearly a third of advisers surveyed felt income withdrawal is appropriate for over half of their clients, while a further half of advisers believe it suits over a quarter of the...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes