Posts Tagged ‘Pension Annuity’

Neil Copeland

Annuity freedom announced in Budget, but the devil, as always, will be in the detail.

“People who’ve worked hard and saved hard all their lives should be trusted with their own pension.” George Osborne 18 March 2015.

As widely trailed the Chancellor announced yesterday that the Government will extend its pension freedoms to around 5 million people who have already bought an annuity. This will be achieved via legislation to remove the restrictions on buying and selling existing annuities to allow pensioners to sell the income they receive from their annuity without unwinding the original annuity contract.  The change will be effective from 6 April 2016.

They can either take it as a lump sum, or place it into drawdown to use the proceeds more gradually, extending the flexibilities due to come into effect on 6 April this year for those who have yet to draw benefits. Read more »

Alan Collins

Yesterday, L&G announced that individual annuity sales have fallen by 40% following the recent budget.  This follows on from Standard Life reporting a drop of 50%.  To me, the only surprise from this is that sales have not fallen further.

The brave new world of choice for pensioners is here.  And even better news for George and Steve is that it seems to be a happier world.  People like choice and people like people who give them choice.  Happy days… Read more »

Valerie Hartley

Shopping for an Annuity

Buying a pension annuity is an important one-off decision. It is therefore crucial that people take advantage of extra income if available to them when converting their pension fund savings into an income for life. The only way for annuity purchasers to ensure they are not missing out on extra income is by shopping around to compare annuity rates and income offers. Read more »

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