Changes to savers' rights to access their pension savings announced in the Budget may lead to provider Partnership reviewing its business model and strategy, but the company will continue to have a role to play in the at-retirement market, its chairman said on Wednesday.
Annuities will continue to be an important part of retirement planning and Partnership, whose shares slumped more than 55% on the day of George Osborne's speech, will adapt to the changes, Chris Gibson-Smith wrote in an update to shareholders. Budget 2014 announced a number of changes affecting pensions flexibility, including savers' right to withdraw from defined contribution pension funds at the marginal rate of tax. Gibson-Smith said that, though there is potential for the overall market for annuities to contract, the changes may also prompt a larger number of people to purchase an...
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