Annuities to 'rebound' to over £10bn by 2023 - research

Annuities will continue to be a substantial part of the at-retirement market in ten years' time, albeit with a smaller market share, research by Towers Watson suggests.

Despite predictions that annuity sales would continue to fall following widespread proposals in the Budget, the firm predicted they would rebound to more than £10bn by the end of 2023. The annuities market was valued at around £12bn per year before the Budget was announced in March, according to the Association of British Insurers (ABI). "Contrary to the gloomy picture of the future of the annuities market that has been painted since the March Budget, we think annuities will remain an appealing and safe proposition to many consumers and an attractive market to providers," said Towers ...