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MGM calls for a "new breed" of annuities

15 February 2010

The UK's retirees are set to notice a "dramatic fall" in the incomes provided by their pension, it has been claimed.

Retirement income advice firm MGM Advantage has said that unless there is innovation in the annuity market, the situation will not be addressed.

Chris Evans, the firm's chief executive, said: "The income challenges facing people in retirement are greater than ever, and are becoming more and more pronounced.

"Conventional annuities will become less effective at dealing with these challenges. We need radical change in the industry built around delivering new solutions that are based on providing greater returns and more flexibility."

The firm has now unveiled a Flexible Income Annuity, which allows customers to alter the level of income provided so the "impact of inflation" can be negated.

Fears that pension incomes may be depleting could also lead to rise in the popularity of schemes like equity release, which can provide a homeowner with a lump sum of cash taken from the value of their property.