Many providers have welcomed the extra flexibility brought by George Osborne's raft of retirement income reforms but the majority have cautioned about giving savers too much, too soon.
The Chancellor used his Budget to bring in sweeping retirement income reforms, pledging that "no one would have to buy an annuity" in the future. For the key points, see box below. Life companies and specialist annuity providers saw their shares dive following the announcement. However, many believe annuities will still be the retirement income product of choice for the majority of retirees. MGM Advantage pensions technical director Andrew Tully told Professional Adviser: "While increased flexibility is good, there is a potential downside. We need to make sure people understand the...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
