Standard Life's annuity sales tumble 50% in wake of Budget changes

Chancellor George Osborne's decision to allow people to take their pension as a lump sum rather than be effectively forced to buy an annuity sent life companies' share prices realing when the plan was revealed. Standard Life said these changes have resulted in a reduction in its annuity sales of around 50%, without giving any more figures. However it added that it will be some time before long-term trends become clear, and the negative profit impact of the changes will reflect the relatively small size of its annuity business. In better news for the company, Standard Life reported t...