IFAs urged to keep on top of retirement market

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ADVISERS could be missing out on a major business opportunity if they do not keep up to speed with the retirement market, according to Peter Quinton, business development director at retirement market specialist Living Time.

Quinton said that in 2006, lifetime annuity sales were £9.6bn, up a healthy 21.5pc on 2005, and income drawdown sales were £2.6bn, up 73pc on the previous year. “In 2004, a paper on the future of annuities by the Association of British Insurers and Watson Wyatt predicted that the annuity market would be worth over £18bn annually by 2012 - if the current growth is sustained, we will well exceed these early predictions.” He insisted: “This is too big an area for IFAs and product providers to ignore and retirement income options are increasing fast. "However, still around 65pc of ret...

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