Blog: Did George Osborne just kill the annuity market?

No one will have to buy an annuity, the Chancellor of the Exchequer has decreed.

Jenna Towler
clock

No one will have to buy an annuity, the Chancellor of the Exchequer has decreed.

His radical reforms to the retirement income market came right at the end of his fifth Budget speech and went on for quite a while, taking much of the industry by surprise. Within moments of the impact being heard and understood, commentary started rolling in, stating the annuity market was effectively dead. Skandia retirement planning manager Adrian Walker's quote was headed up "RIP forced annuities", in fact. In his speech, the Chancellor said flexibility had been brought to the retirement income market but most people still ‘have to take an annuity', suggesting they cannot be trust...

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 Retirement

Shifting pension rules 'eroding trust' and 'hindering' retirement confidence

Shifting pension rules 'eroding trust' and 'hindering' retirement confidence

Speculation on rules hitting confidence across every age group

Sahar Nazir
clock 17 November 2025 • 2 min read
Retirement confidence dips amid Budget speculation

Retirement confidence dips amid Budget speculation

Confidence is highest among those receiving professional financial advice

Jenna Brown
clock 12 November 2025 • 2 min read
The Great Wealth Transfer: women, wealth and what comes next

The Great Wealth Transfer: women, wealth and what comes next

Sponsored content from WIFA 2025 headline sponsor LV=

LV=
clock 03 November 2025 • 6 min read