Providers defiant over Osborne's sweeping annuity reforms

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...