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Comment of the week: A place for annuities

In my opinion, much of the negativity about annuities is driven by the perception of compulsion, rather than by outright rejection of the product.

Once that compulsion is removed, I suspect retirees will come to realise that the right annuity has its place and therefore the impact on annuity sales will not be as significant as first anticipated.

I also expect that once retirees attracted to the new flexibility start to take into account the income tax implications, taking pots as cash at the earliest possible opportunity will not prove to be the answer for many of them.

Mark Coulter

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