Providers urged to address IFA ignorance of variable annuities

The company says the survey of 50 advisers with clients nearing retirement shows providers have more work to do before IFAs can understand and accept variable annuities - products which offer an income level guarantee and equity exposure - as a mainstream product. Colette Dunn, head of the strategy group within Watson Wyatt's insurance and financial services practice, says: “I guess [variable annuities have] not been around as long as other products." Referring to Aegon UK's new '5 for Life' product as an example, Dunn adds: "The providers are generally not the mainstream providers and no...