UK sees growing demand for retirement annuities to bridge pension gap

• Sales of retirement annuities have risen sharply in recent years.
• Fixed-term annuities provide income for a set period, such as five or 10 years, and a lump sum at the end.
• Financial firms are seeing a fresh surge of interest in these products.
• The demand is driven by individuals seeking to bridge the gap between the end of work and the start of their pension.
• Advisers note that the trend reflects a growing need for financial planning during the transition to retirement.