Nearly three quarters of UK annuity providers believe advised sales of their product will continue to fall, while execution-only business continues to rise.
A total of 24 annuity providers, representing 90% of the UK market, responded to Xafinity Paymaster’s inaugural Annuity Industry Survey 2010, and the majority predict a bleak future for IFAs’ at-retirement business. Overall, 72% agreed the three-pronged attack of the RDR, small pension pots and the increased availability of online information will lead to a drop-off in intermediary sales, and an increase in execution-only business. Providers strongly supported the idea of a blended set of retirement and annuity products as best for most individuals, but acknowledged small pension pots...
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