Annuity sales down 16% as thousands defer retirement income choice - ABI

The body said this was 16% down on the previous year and its members were reporting an increase in the number of customers deferring the decision on how to take income in retirement. However, the number of contracts sold on the open market continued to rise. Some 48% of sales were external - meaning customers moved from their original provider - in 2012 and 2013. This compared to 31% in 2003 and 45% in 2011. The proportion of enhanced - medically underwritten - annuities also continued to increase. It stood at 28% in the fourth quarter of last year. The ABI also said more people with ...