Annuity sales up at Just retirement Go compare with our comparison table

Annuity sales up at Just retirement

11 May 2010 / by Lois Avery

Annuity sales at Just Retirement have soared by 87 per cent during the first quarter of 2010.

New annuity business at the enhanced annuity and equity release provider increased to £238.6 million, up from £127.5 million for the same period last year.
 
Year-on-year new annuity sales rose to £587.9 million until the end of March this year, up from £399.6m for the same period in 2009.

Just Retirement CEO Mike Fuller said: “The growth in sales was achieved as a result of a combination of factors, including increased overall annuity market activity helped by steadily increasing stock market values.”

Just Retirement has also reported a further improvement in the awareness and understanding of enhanced annuities by Independent Financial Advisors.

But despite a doubling of the enhanced annuity market from 9 per cent in 2005 to 18 per cent in 2009, only 36 per cent of annuity clients take the Open Market Option (OMO).

And Just retirement has also discovered that only 8 percent of pension savers improve their retirement incomes by taking an enhanced annuity, which offers a greater retirement income for people with health problems or certain conditions.

To help people maximise their retirement incomes, Mike Fuller has suggested three ways to increase the use of the Open Market Option pensions, which includes, improving communication throughout scheme membership, speeding up service efficiency and streamlining the application and advice process.

Adding: “These three solutions would significantly increase the take up of enhanced annuity products, boosting pensioners' incomes and living standards.”

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ProviderAnnual IncomePayment TermsPurchase AmountGet Quotes
£6,950
Monthly income for life
£100,000
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£6,521
Monthly income for life
£100,000
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£6,502
Monthly income for life
£100,000
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£6,372
Monthly income for life
£100,000
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£6,154
Monthly income for life
£100,000
More Info >
Quotes based on man aged 65, £100,000.00 purchase amount, conventional, level escalation, nil guaranteed period, paid monthly in arrears without proportion. Annuity rates correct as at 22/06/2011.