The 'at retirement' market is expected to double in the next 5 years to be worth over £30bn a year. The market is likely to grow at 20% a year over the next 5 years creating demand for products designed to convert invested assets into income and income draw down products.
The rapid growth in this market is partly because of the pension sales boom in the late 1980's and early 1990's. Many people who took out personal pensions back then are now coming to retirement. With the prospect of a long retirement ahead they will be looking at ways to shore up their income if their pension fund has underperformed. These people are likely to be asset rich but could still have a poor income.