Annuities

Defined contribution (DC) savers who intend to manage their own pension pot in retirement are unwilling to pay for regular advice, according to research from consultant firm Hymans Roberston.

A "radical rethink" is underway in the annuity market following the sweeping Budget changes but concerns over fund depletion remain, according to Equinity Paymaster.

Life insurer Friends Life has reported a "limited immediate Budget impact" on its retirement income business but said it expects annuity sales to drop by up to 70% in the medium term.

Prudential has become the latest life company to report severely hit annuity sales in the wake of radical reforms to how people can access their pension.

Legal & General (L&G) saw its individual annuity sales drop 40% in the first quarter of the year, with sales down from £406m in 2013 to £244m.

The Financial Services Consumer Panel (FSCP) has urged schemes to develop in-house income drawdown propositions rather than forcing members into the retail market.

Standard Life has said its annuity business has fallen by half following changes to the rules around retirement announced in last month's Budget.

Retirement Planner editor Helen Morrissey spoke to Scottish Widows' Ronnie Taylor and Richard Jones about retirement planning

Fiona Murphy goes through the results of this month's Inquiry on the recent Budget and finds an advisory market (mostly) cheered by radical reforms.

Cashing in your pension sounds better in theory than in practice, says Mike Ferguson of pension provider Barnett Waddingham.