The number of annuity-related complaints handled by the Financial Ombudsman Service (FOS) between April and June has dropped to lower levels than before pension freedoms were introduced, while all other pension complaints were on the rise.
In the four quarters prior to the announcement of the pension reforms by then-Chancellor George Osborne in April 2014, the average number of new annuity cases was 150 per quarter. Between April and June this year the FOS received 128 new cases. The number of new annuity complaints was still rising this time last year but, more than two years after Osborne's reforms were announced, they have now fallen to pre-pension freedom levels. A complaint is only handled by the FOS if it is unsettled at firm level. The uphold rate of annuity complaints also dropped to 13%, down from a 20% aver...
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