Annuities used to be the go-to way to secure an income in retirement, but thanks to the pension freedoms, that’s no longer the case. Indeed, demand for annuities has plummeted in recent years, to be replaced by income drawdown. Annuity apathy
Figures from the Financial Conduct Authority (FCA) show that income drawdown accounted for 76% of retirement income sales between April and June this year, with a total of 42,776 products sold during the three-month period. This compares with just 13,875 annuity sales, which represented 24% of the market.
A year previously the division was less marked, but even […]
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