Annuities

Where next for retirement income post-pensions freedom?

...clients will call you about this week

Savers have withdrawn £2.5bn from their pensions - mostly in cash lump sums - since the government's wide-ranging retirement reforms in April, latest figures show.

The Financial Conduct Authority (FCA) is investigating thousands of annuities sold on a non-advised basis since 2008 to see if they were unsuitable for savers.

Annuity businesses Just Retirement and Partnership have announced a merger deal.

Head to head: Annuities vs guaranteed drawdown

Complaints about annuities are continuing to rise more than a year after the Chancellor announced a reform of the retirement income market, according to the latest figures from the Financial Ombudsman Service (FOS).

Aegon has launched a ‘third-way' retirement income product on its platform which gives retirees access to drawdown with a guaranteed level of income.

The government should ensure a decent guaranteed income is the default option for defined contribution (DC) retirees, according to the Strategic Society Centre.

The government has delayed the launch of a secondary annuity market amid concerns about consumer protection, it has said in its Budget document out today.