Advisers are seeking alternatives instead of ‘locking clients into' low conventional annuity rates, according to research.
In a poll of 447 retirement specialist IFAs, Primetime Retirement found 82% of advisers are concerned about conventional annuity rates and turning to different products. An additional 5% are concerned but believe there no other options. Four in five (79%) believe rates will not rise over the next year but 58% are predicting increases in the next five years. The research also found 91% of IFAs believe the Bank of England base rate will rise over the next five years signalling growth in annuity rates. Primetime Retirement chief executive Kim Lerche-Thomsen said: "We are currently see...
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