Annuities are beginning to see a revival, as retirees shun drawdown and cash withdrawals for a guaranteed income, latest figures from the Association of British Insurers (ABI) have shown.
Data from the ABI, covering the sales of its insurer members, showed the 'rush to cash' in pension pots following the government's pension freedom reforms settled down over the year, with annuity sales picking up at the end of 2015. Annuity sales took a hit in the immediate aftermath of the reforms, which gave all defined contribution savers over the age of 55 unfettered access to their savings from last April. In the second quarter of last year 18,200 annuities were sold, alongside 18,800 drawdown products. This compared with 21,200 annuities being sold in the last quarter of the yea...
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