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And variable annuities are not the only annuities out there.
"What we had to do," he said, "was wait long enough to avoid any penalties for cashing the annuities out.
The group's specialism, the provision of pension annuities to people with medical issues, had been badly hit by the Chancellor telling people they didn't have to take an annuities out any longer with their pension savings.
For whatever reason, the idea of fee based annuity advisors has never really caught and although there are some "no load" annuities out there, the selection is not as wide as annuities that have a commission built in.
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Charitable gift annuities pay out less but involve a partial donation to a nonprofit.
Enhanced/impaired annuity: Take out one of these if you've suffered a debilitating illness that is likely to shorten your life.
Insurance retirement plans are comprehensive in nature and offer different benefits apart from annuity pay-outs.
Many plans offer extensive Medicare, critical illness cover, accident benefits, etc. along with the annuity pay-outs.
These accounts would be required, professionally managed, come with a guaranteed rate of return and pay out annuities.
Letting the 5 million people with existing annuities also cash out could turn that boom into a frenzy.
They should also explain about enhanced annuities, which pay out more if you have certain medical conditions or smoke.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com