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The retirement income market continues to change as more savers are waiting to make a decision. The number of drawdown contracts sold by ABI members is slightly lower than last quarter but has more than doubled compared to Q4 2013, with a reduced average pot size. The value of drawdown contracts sold by ABI members is over 50% that of the value of annuity sales, compared to around 20% a year ago. |
The number of annuities sold fell by 28% on the last quarter, and by 64% compared to Q4 2013. The percentage fall in the number of annuities sold is greater than the percentage fall in the value of annuities, suggesting that more people with smaller pension pots are deferring or taking cash.
Internal annuity sales have fallen by 54% compared with same quarter a year ago, and sales of external annuities have fallen even further. This means that there are now a greater proportion of internal annuities (62%). This compares with 52% during the same quarter in 2013.
Rob Yuille - Manager, Retirement Policy, ABI comments:
"These figures show savers with larger pension pots continuing to buy annuities, while others are entering drawdown with smaller funds than in the past. More people are clearly taking cash, but many are still making an active choice to buy an annuity with a small pot. This reflects the diverse needs and preferences of the population and is a reminder that savers should not be pigeon-holed or told their choices are wrong, but need advice or guidance to help them find the right solution for them."
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| Commercial lines casualty pricing | ||
| London / hybrid 1-2 dpw office-based - Negotiable | ||
| Life Insurance Senior Consultant | ||
| Flex / hybrid 2-3 dpw office-based - Negotiable | ||
| Scheme Actuary | ||
| Nationwide with hybrid working options - Negotiable | ||
| Liability Portfolio Manager | ||
| London / hybrid 3 dpw office-based - Negotiable | ||
| Investment DB Actuarial Analyst | ||
| Flex / hybrid 2 days p/w office-based - Negotiable | ||
| Actuarial Reserving Manager | ||
| London / hybrid 2 days p/w office-based - Negotiable | ||
| Senior Associate - Trustee Pensions | ||
| Nationwide / hybrid 1-2dpw office-based - Negotiable | ||
| Head of MA and Investment Business Pa... | ||
| London/Hybrid - Negotiable | ||
| Actuarial Pricing Analyst – Specialis... | ||
| London / hybrid 1 dpw office-based - Negotiable | ||
| Pricing Pioneer | ||
| Flex / hybrid 2-3 dpw office-based - Negotiable | ||
| Investment Manager | ||
| London/Hybrid - Negotiable | ||
| Senior Actuarial Analyst | ||
| London/Hybrid - Negotiable | ||
| Pension Consultant - de-risking projects | ||
| UK-wide / hybrid 2 dpw office-based - Negotiable | ||
| Island Pricing | ||
| Bermuda - Negotiable | ||
| Choose Life! | ||
| Various locations - Negotiable | ||
| Capital leadership in the Capital - L... | ||
| London/hybrid 2-3dpw office-based - Negotiable | ||
| Senior Capital Actuary - London Market | ||
| London/hybrid 2-3dpw office-based - Negotiable | ||
| DC Pensions Advisory Consultant | ||
| London or Manchester / Hybrid working - Negotiable | ||
| Senior Pensions Data Technician - Ful... | ||
| Fully remote - Negotiable | ||
| Chief Actuary | ||
| London - Negotiable | ||
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