Pension freedoms see Partnership sales take 70% hit

Individual retirement annuity sales stood at £69m in the third quarter, out of total sales of £89m for the period. Sales over the same period in 2012 were £260m. The provider said it was suffering through a period of "widespread disruption" following the Budget changes announced to retirement income back in March. Chief executive Steve Groves said: "We continue to see widespread disruption in our core individual annuity market as a result of the Budget. "In line with previous guidance and Q3 performance, quotes remain below 50% of pre-Budget levels and conversion rates also remain ...