Asset managers look to invade annuity space

A report released earlier this month by the National Association of Pension Funds and the Cass Business School found savers were losing billions every year through “murky pricing”, calling for an open market process to be written into all pension funds (PP Online 6 February). But AllianceBernstein UK head of DC investments David Hutchins questioned whether people should be buying annuities in the first place. He told PP the asset management firm will be launching a product later this year to challenge the market. Hutchins said: “We’ve talked for a while about how you do decumulatio...