In focus: The nitty gritty of Osborne's pension revolution

Annuities have been hit with a double whammy so far in 2014. First was the thematic review, begun by the Financial Conduct Authority (FCA) in January last year. The aim was to analyse whether consumers get a fair deal and to: • Assess whether customers would be better off purchasing an annuity on the open market. • Assess the drivers of provider behaviour, including the expected profitability from annuity business. • Review existing research regarding consumer behaviour in the annuity market. Completed in February, the review found: • 60% of customers do not switch, despite t...