Advisers 'don't see profit in annuities'

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A quarter of advisers feel they are unable to take advantage of growing opportunities in the annuities market because they lack the skills to make it profitable.

More than eight in ten (84%) advisers say they would welcome more annuities business, while a similar number (80%) say they are prepared to take on customers with smaller pension pots, research by Assureweb suggests. But many are reluctant to take on what is often seen as a more complex aspect of their business without first ensuring they will be able to turn a profit. "The annuities side is fairly fraught with a whole host of issues which could trip advisers up, leaving them with very little return on quite a large investment of their time," says Steve Hunt of Rockingham Retirement. ...

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