Published on : Aug 27, 2019
Albany, New York, August 27, 2019: Even though annuity purchase with a pension pot was traditionally well-received, the introduction of pension freedoms in April 2015 along with soaring life expectancy and plunging gilt yields and other aspects dented the prospect of annuities. The freedoms have provide consumers more choices as they have early access and the option to take tax-free cash, a drawdown product or an annuity. Meanwhile, flexible access drawdown has become popular that is ideal for those who have readied themselves to take investment risk.
These insights are according to the intelligence report, titled, “Annuities and Income Drawdown—UK—August 2019,” which has been freshly added to Market Research Hub’s (MRH) ever-expanding armamentarium.
According to the Data Bulletin issued in September 2018 by Financial Conduct Authority (FCA), ~51% of all pots accessed during the second half of 2017/18 were full cash withdrawals. While dip in annuity volumes during 2017/18 looks to stabilize, income drawdown will potentially be in high demand. The FCA further states 3/5th of new drawdown sales belongs to pots opting for zero-income drawdown, alluding several planholders use pension freedoms to access a tax-free lump sum cash payment.
Sensing the popularity of flexibility, Novia and Just Group collaborated to roll out a guaranteed income product which adheres with demand for security and flexibility in retirement. Complying with the government’s pitch for innovation post-pension freedoms, the product aims to aid advisers with meeting needs of the clients for flexibility, guaranteed income and death benefits. Ever since pension freedoms came into being in 2015, the government and the regulator have tightened the noose on the industry to offer a genuinely innovative solution addressing the obstacles of security and flexibility in retirement planning.
Annuities and Income Drawdown—UK—August 2019: Report Content
Quantitative and qualitative assessment exhort intelligence and overarching report on the annuities and income drawdown—UK—August 2019 market. Further, the report thoroughly delineates various aspects of the market that will potentially have considerable influence on the development of the annuities and income drawdown—UK—August 2019 market. As such, those aspects incorporate drivers, trends, restraints, and opportunities. Furthermore, the report elucidates segregation of the market that provides an exhaustive analysis on annuities and income drawdown—UK—August 2019.
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Annuities and Income Drawdown—UK—August 2019: Research Methodology
Primary sources and secondary sources propel intelligence report on annuities and income drawdown—UK—August 2019 market that provide deep dive analysis on the market. As such, the report provides reliable and unbiased projections, and assessments which have palpable impact on the market size and historical data. Besides, the report also counts on primary sources which hinges upon in-depth and intelligent analysis from well-grounded and reliable experts, telephonic interview, and a thorough assessment from surveys and seasoned analyst. Report on annuities and income drawdown—UK—August 2019 market further acknowledges secondary sources—namely—Factiva, EC filing, press release, trade journals, resourceful database and governmental websites.
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