Advisers: 'Failing annuity system' boosting drawdown market

Its latest Adviser Insight Survey, which polled about 700 financial advisers, found 69% think the annuity system is broken and 89% agree drawdown is becoming more important. Skandia said the drawdown had become more attractive to advisers since the introduction of flexible drawdown in 2011. Some 81% said this had made the option more attractive. The provider said alternatives to annuities were necessary as increasing life expectancy and low gilt yields mean annuity rates remain at low levels Income drawdown enables people to take an income from their pension savings while remaining...