More than a third of advisers who would have recommended annuities prior to the pension freedoms announced at Budget 2014 are now suggesting drawdown options for some clients, research suggests.
A survey of 284 financial advisers specialising in retirement planning found 38% have recommended drawdown to some clients where previously they would have recommended annuities. Less than one in ten (8%) would recommend annuities to clients with £50,000 in pension savings, according to the MetLife study. Chancellor George Osborne announced at Budget 2014 in March new rules designed to give retirees greater choice over how to access and manage their savings. Among the key changes being introduced in April next year is the ability of savers to take income, beyond their tax-free lump...
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