Advice 'invaluable' as poor annuity rates push retirees to drawdown

Alliance Trust Savings (ATS) said a perfect storm for annuities - brought on by falling gilt yields pushing rates to record lows - would result in more retirees using income drawdown. It said the retirement income option could become the default for savers but warned it was a more complex option than traditional annuities. ATS senior pensions proposition manager Brian Davidson said advice would be essential. He said: "At such low prices, annuities will be unattractive for many more people, with the disadvantage of very low levels of income far outweighing the benefit of income cert...