Helen Morrissey goes through the results of the latest Inquiry and asks what challenges advisers face when advising on this market.
The retirement income market has undergone unprecedented change in recent years. We’ve seen the increasing prominence of enhanced annuities and income drawdown and the development of alternative products such as fixed term annuities.
Despite growth in the income drawdown market annuities remain central to many people’s retirement planning.
In this month’s Retirement Planner Inquiry we asked advisers to tell us how they feel about this market and the challenges they face operating within it. The Inquiry questionnaire was circulated by email to the Retirement Planner readership. We received responses from 89 people.
The first question we asked was whether the survey participants advised on annuities.
Over three quarters (78.6%) said they did. The remainder did not (see chart one).
We then went on to ask those who did not advise in this area why they chose not to.
One adviser said annuities were not relevant to the work they do while others said they were not appropriately authorised.
We then asked those advisers whether they expected to offer annuity advice over the coming twelve months.
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