Colin Bell dissects Webb's switchable annuities plan

Falling retirement incomes are dominating industry discussion more than ever, it seems. Pensions Minister Steve Webb's suggestion to introduce switchable annuities has drawn criticism from experts. Whatever your take on Webb's proposal, the annuity market is in desperate need of an overhaul. The proposals from the minister are based on two main lines of thinking: first, retirees fail to shop around or seek advice and, as a result, miss out on the best deal in the market. Secondly, if people get a mortgage, they are allowed to switch, whilst an annuity is set in stone once purchased...