Seeking an annuity option

As defined-benefit pension plans become a historical fact rather than a present day reality in the US, retirees are faced with a lack of options in decumulation vehicles. But some employers are tackling this problem head on and devising ways of adding annuity provision to their pensions schemes. Aaron Woolner reports

The baby boom generation born between 1946 and 1964 has been credited with launching a social revolution that changed the face of the United States. Last month New Jersey resident, Kathleen Casey-Kirschling, officially became the first of member of this generation to take her pension and ensured that the baby boomer's impact on the US social fabric is set to continue.

With 10,000 people a day due to join the pension system over the next 20 years, the country's retired population will double to