Just Retirement sales up
Annuity sales ‘showing signs of recovery’
Pension provider Just Retirement says there has been a surge in sales of annuities, reversing the steep decline that followed the changes to retirement savings in April.
The firm has seen a 26% increase in individual annuity sales ahead of its merger with Partnership under the name JPR Group. The deal will complete by the end of the year.
Just Retirement chief executive Rodney Cook said the improvement in annuity sales showed the individual annuity market was “showing continuing signs of recovery”. There was also a rise in bulk annuity business, which was up 318% at £103.6 million compared to the preceding three months.
Overall total new business sales hit £360 million, up 41% from the preceding three months.
However, Partnership’s bulk annuity sales of £24m were down on the £44m in the preceding quarter.
Partnership’s individual annuity sales also fell, from £74m to £68m.
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Mmm. Sounds like folks are beginning to wake up to the fact that if they want an income to be guaranteed for their lifetime ( and research says 80% do ) then an annuity is the only answer. Pensions Freedom from Poverty in later years.