Budget 2014: What the changes mean for the industry

When George Osborne promised to deliver a "Budget for savers" he really wasn't kidding as he unveiled the most radical pensions shake up in living memory Retirees going into flexible drawdown will only have to meet a minimum income requirement of £12,000 per year. This is down from £20,000 per year. Capped drawdown users will benefit from an increased income of 150% of maximum GAD -up from 120%. In a widely anticipated change Osborne increased trivial commutation limits from £2,000 to £10,000. Figures from Skandia suggest that up to 25% of annuity sales are for pots of less than £1...