The annuity market must become more innovative and flexible to meet the needs of people's changing perception of retirement from a cliff-edge change to a transitional process, claims industry experts.
Speaking at the National Association of Pension Funds (NAPF) annual conference on “The annuity market in 2050: boomtown or bust?”, Adrian Boulding, pensions strategy director at Legal & General, claims retirement is now “too long to be seen as a single period from a financial planning point of view”. Instead, he believes there are now three stages to retirement: Part-time retirement: A transitional period where people continue to work but part-time or seasonal where their income is lower and more variable; Full-time retirement: Security becomes much more important as they need a ...
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