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Open Market Option Comparisons for Pension Income

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The Difference Between The Best And Worst Pension Incomes Can Be Very Surprising

Aegon Annuities Aviva Annuities Axa Annuities Canada Life Annuities Friends Life Annuities Hodge Annuities Just Retirement Annuities Legal and General Annuities LV Annuities
MGM Annuities Novia Annuities Old Mutual Annuities Partnership Annuities Phoenix Annuities Pru Annuities Royal London Annuities Scottish Widows Annuities Zurich Annuities annuities

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Number of retirees seeking specialist pension advice set to rise

With the last two decades seeing a gradual decline in annuity rates, and the government’s programme of quantitative easing said to have worsened yield on gilts, the news that retirement income advisers have seen an upsurge in the number of retirees approaching them for pension advice may come as no surprise.

According to research from Primetime Retirement, three quarters of retirement income advisers have seen an increase in the retirees seeking guidance from them in the last year.

The next 12 months is also set to see this trend continue, with four in five (79%) Independent Financial Advisory Services (IFAs) arguing that they expect the number of enquiries about annuity purchases to rise over the next year.

Further details from the research reveal that the central concern for retirees was not having enough income (81%), while 64% wanted to gain clarity on benefits to ensure the financial security of their spouse/partner.

44% of IFAs argued that the key area of concern for clients centred on flexibility over retirement income.

Commenting on the figures, Primetime Retirement marketing director Stuart Wilson said: “Currently there is a serious reality gap between the incomes people believe they will have in retirement and the incomes they actually achieve.

“Retirement income solutions have to adapt to the new reality and current solutions will not be suitable for all. Those who are in good health and still working want to keep their options open in retirement and need retirement income solutions which are flexible enough to adapt.”

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