Britons urged to explore enhanced annuities for private wealth management

Enhanced annuities are increasing in popularity with private wealth management clients, according to an industry analyst.

Martin Bamford, chartered financial planner for Informed Choice, said the products and related information are becoming more widespread, with investors looking closely at them as a result.

A survey by the Association of Independent Financial Advisers (AIFA) recently revealed 70 per cent of respondents reported a rise in the purchase of enhanced annuities.

"I think the open market is becoming more widespread now and people are exploring their options," Mr Bamford said.

He dismissed the prediction made by 39 per cent of financial advisers in the same poll there would be future growth in the number of variable annuities, claiming this opinion is mainly emanating from sellers of those products.

New research from the National Association of Pension Funds revealed 44 per cent of workers named pensions as the best way to save for retirement, up from 35 per cent last year. ADNFCR-2318-ID-800266963-ADNFCR