Income

‘Short-term pension freedom decisions will cause long-term problems’

BlackRock has launched its first drawdown offering for pension schemes to capitalise on the Budget freedoms introduced earlier this month.

There has been a sharp rise in demand for financial advice over the past 12 months, according to accountants, who claimed people have become more aware of pensions and inheritance tax planning.

Income levels from standard annuities have fallen to all-time low levels just three weeks after pensions freedom and choice was introduced, according to Moneyfacts research.

Retirement planning firm Intelligent Pensions has launched a pension transfer service for advisers wanting to help their clients transfer out of defined benefit (DB) schemes.

Retirement specialist Just Retirement has partnered with wealth management technology firm GBST to power its new platform for retirement savings to be launched in the coming month.

A third of people who have already purchased an annuity intend to keep it despite government promises they can sell their right to the income for cash, according to a poll of 1,800 retirees.

Life insurers received three times more telephone calls than average in the week following the implementation of pensions freedom, figures show.

Annuities will continue to play an important role in retirement planning and income despite predictions of their demise in favour of drawdown, Billy Burrows has said.

The majority of well-off pre-retirees are well prepared for pensions freedom and choice despite lack of contact from providers about the changes, a survey from website RetireEasy has found.