Hybrid retirement income products are set to become as essential part of the planning process for one in four advisers, and 70% say that they will become a part of their toolkit in the near future, according to a report from Defaqto and Retirement Advantage.
The research, conducted in association with YouGov, asked 113 advisers for their views on hybrid products and provides information around how best to advise on them. Hybrid products combine an annuity with a drawdown product within the same wrapper. There are two such products on the market, the Retirement Account from Retirement Advantage and the Enhanced Retirement Account (ERA) from Partnership. Both aim to balance a clients' desire for flexibility (via investment and drawdown solutions) with their need for security provided by an annuity. On death, the annuity side of the product ...
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