Annuities will continue to play an important role in retirement planning and income despite predictions of their demise in favour of drawdown, Billy Burrows has said.
Launching his latest paper, The Case for Annuities, Burrows said while pensions freedom has broadened retirees' options, annuities and the guaranteed income for life they provide would logically still form part of retirees' income strategies. The report, sponsored by enhanced annuity provider Partnership, explains future retirement planning will feature more sophisticated use of annuity products coupled with a deeper understanding of behavioural issues that drive decision-making. The paper also argues an increase in personal underwriting will further increase annuities' attractiveness...
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