Annuities

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Savers have withdrawn £2.5bn from their pensions - mostly in cash lump sums - since the government's wide-ranging retirement reforms in April, latest figures show.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

The industry has welcomed the government's proposal to allow consumers to sell on their existing annuities but has clashed over whether advice should be mandatory for those wanting to sell.