Will annuities go the way of the dinosaur?

Removing virtually all restrictions on how retirees can access their defined contribution (DC) pension pots was a bold (and surprise) move by Chancellor George Osborne in his fifth Budget speech. And while many pension luminaries welcomed the measures, others were more cautious, highlighting the risks associated with opening the pensions equivalent of ‘Pandora's box'. Osborne said 13 million DC savers were effectively railroaded towards buying an annuity but this would end. Risks eValue strategy director Bruce Moss told Professional Adviser the policy shift came with significant ...