Just Retirement's sales plummet post-pension freedoms Budget

Total sales in the nine months to 31 March decreased by 22% compared to the previous largely pre-Budget period, the company said. Tumbling annuity sales were the main drag on business, down 15% compared to the nine months to 31 March 2014. This was driven by a 60% fall in sales of individually annuities, from £380m to £152m, as retirees shunned the products in favour of freedoms which allowed them to take their retirement pot as a lump sum from this April. The huge drop off in individual annuity business was in part offset by a more than tenfold increase in defined benefit de-riski...