The government's Behavioural Economics Team researched ways to help 3,600 people understand the features of different retirement income solutions. They found that, once people comprehend the issues, over half were willing to choose products with longevity protection.

That's good - because just over half of them will live till somewhere between their life expectancy and the end of the life tables at age 110.

Advisers tell me that traditional lifetime annuities don't sell because clients expect a premium for giving up access to their capital. Whereas the annuity rates on offer don't deliver enough income premium (clients respond with "I could get that from a bank account" and keep their money in account based pensions).

Perhaps the "fresh idea" needed is new products that give both longevity protection AND an enhanced income for giving up access to part of your capital. I know a really good one.