Just Retirement is "rapidly adapting" its business model to accommodate changes to pensions announced at Budget 2014, after disclosing annuity sales are "at around half of pre-Budget levels".
The provider said operating conditions had become "much tougher" since the Budget after announcing third quarter individual annuity sales - for the three months to 31 March - of £288m, up a third on the corresponding period in 2012-2013. Changes announced at Budget 2014 gave retirees unprecedented access to their retirement savings and effectively removed the near-obligation of using an annuity to draw an income. Just Retirement is one of several providers to have launched a one-year fixed-term annuity, which is aimed at those who wish to defer making a decision about how they will ta...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
