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IFAs say Asps are as important as annuities

IFAs view alternatively secured pensions as an equally important tool for post-retirement planning as conventional annuities, says Defaqto.

According to the firm’s Pensions Report, 55 per cent of the 500 advisers surveyed view Asps as an important part of their post-retirement business and 25 per cent say they are very important.

This compares with 54 per cent and 26 per cent who view conventional annuities as important and very important respectively and 36 per cent and 50 per cent for unsecured pensions.

Only value protected annuities are held in higher esteem, with 59 per cent viewing them as important.

The report also shows that 40 per cent of insurance company income-drawdown products now offer access to Asps despite Government restrictions.

The report says: “The fact that Asps will also form an important part of their postretirement strategy should ring further alarm bells at the Treasury. With providers giving access to the facility and IFAs placing business here, it is vital that a final decision is made about the viability of this new market to all clients as soon as possible.”

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