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

Laura Miller
clock

Standard Life has said its annuity business has fallen by half following changes to the rules around retirement announced in last month's Budget.

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...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Pension adequacy – are we focusing on the wrong measure of success?

Pension adequacy – are we focusing on the wrong measure of success?

'The current system can unintentionally create a false sense of reassurance'

Caitlin Southall
clock 24 July 2026 • 4 min read
Transfer changes 'a start, not the finish line', pensions industry says

Transfer changes 'a start, not the finish line', pensions industry says

Clear and practical guidance ‘essential’ to apply the new framework consistently and with confidence

Jonathan Stapleton
clock 23 July 2026 • 4 min read
Financial Vulnerability Taskforce calls on advisers to rethink retirement planning

Financial Vulnerability Taskforce calls on advisers to rethink retirement planning

Publishes guide suggesting to ‘move beyond a pensions-only approach’

Sophia Panayi
clock 22 July 2026 • 2 min read