Annuities debate

Annuities have long been the mainstay of retirement planning but have certainly faced their fair share of challenges in recent years.

Often dismissed as inflexible and poor value for money, the annuity market has in fact undergone a great deal of change. Most notably developments in the enhanced annuity market promise to usher in products more personally tailored to the individual.

We have also seen increased use of fixed term annuities which give clients more time to fully consider their retirement options and more recently we have seen products enter the market that enable clients to change the level of income they receive. While this innovation can only be a good thing, the industry also faces a second challenge of ensuring clients are aware of the range of products available to them when it comes to retirement.

At the moment the vast majority of retirees just choose an annuity offered by their pension provider rather than looking to see what is available on the open market. Highlighting the benefits of shopping around for the best product will be a major priority for providers going forward?

This debate's panel includes:

Simon O'Connor - Head of Products and Marketing at Lincoln Financial Group

Peter Ellis - Head of Annuities at Just Retirement

Philip Brown - Head of Retirement Products at Partnership

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