Enhanced annuity sales have continued to grow in early 2009, and further expansion is expected, says Watson Wyatt.
While the growing availability of these products is good for consumers, Watson Wyatt says advisers and providers will have to work hard to keep up with developments. Total enhanced annuity sales in the first quarter of 2009 hit £443m, up 9.3% compared with the final quarter of 2008. Watson Wyatt predicts full year sales will hit £1.8bn in 2009, a rise of 28% compared with total sales of £1.44bn last year. Enhanced annuities now account for around a quarter of all open market annuity sales in the UK, with market share expected to increase as consumers become increasingly aware of their...
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