The UK's financial advisers predict that insurers' annuity businesses will be largely replaced by various kinds of post-retirement investment funds, thanks to George Osborne's radical reforms of the market.

The life insurer, Aegon, which is one of the UK's bigger pensions providers, surveyed 200 independent financial advisers, who advise retail consumers on what financial products to buy. Separately, a retail industry trade body called The Platforum interviewed 288 of them in December, and also presented some findings on Wednesday.