UK annuity providers seek inspiration from abroad
Since the UK announced an end to compulsory purchases of annuities, insurers have moved quickly to create new products with just the right level of optionality.
"Let me be clear: no one will have to buy an annuity." When UK chancellor George Osborne spoke these words during the March Budget, the insurance industry was stunned. It sounded as if the government had just consigned the lifetime annuity - a lucrative source of income for many insurers - to the rubbish heap of history.
But first impressions can be deceptive, and in the months since the announcement a number of insurers have come out proclaiming that reports of the annuity's death have been
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