Annuities

In focus: The nitty gritty of Osborne's pension revolution

Innovation required: How the annuity market is adapting to survive

Axa Life Invest has launched a post-Budget drawdown product giving the stability of an annuity with additional built in flexibility to remain invested.

The death of annuities is premature but the lifetime allowance on pensions must be scrapped, delegates heard at the Association of Member-Directed Pension Schemes (AMPS)'s annual conference.

Suspicious minds: Will the pension revolution change public opinion on advisers?

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.