Labour has urged the government to ensure none of the 320,000 savers expected to take advantage of pension freedoms are exposed to "rip off charges".
Sales of drawdown contracts have more than doubled compared to the third quarter of last year while annuity purchases continue to fall, according to latest Association of British Insurers (ABI) statistics.
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Prudential has said a pick-up in bond sales helped negate a near 50% reduction in annuities new business in the first nine months of the year.
The government has launched an online hub within video sharing site YouTube in a bid to aid consumers' understanding of pensions.
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A workable and affordable simplified advice framework must urgently be established to ensure ‘ordinary savers' properly benefit from next year's pension freedoms, delegates heard.
Sales of individual annuities at Just Retirement were down 59% compared to the same quarter last year, latest results show.