Annuities may have become somewhat downtrodden with doom and gloom predictions since the pension reforms kicked in but new research suggests the younger generation are willing to give them a fair hearing.
The ABI says that sales of annuities have risen in recent months, according to its latest pension report published one year after the Pension Freedoms.
The returns people receive when selling their annuities are likely to be “very poor”, the managing director of a pensions firm has warned, after reforms were confirmed this week.
The standard annuity rate rose to its highest level for the whole of 2015 during June, according to figures released this morning.
Protection for the rights of dependents and beneficiaries particularly vulnerable older people must be cemented before secondary annuity market plans go ahead, the ABI says.
Incoming Pensions Minister Ros Altmann has been encouraged to include a new Workplace ISA into the auto-enrolment legislation by the Centre for Policy Studies.
Chancellor George Osborne has confirmed in his Budget today that 5m people will get the freedom next year to sell on their annuities for cash.
A final report on the 'failing' market for retirement income is being drawn up by FCA officials.
Annuity rates have plunged since the summer, a study has shown.
Plans to allow the resale of existing annuity contracts increase the danger of people getting misled by fraudsters, a Sipp provider has warned.
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