Annuities

Equitable Life policyholders came a step closer to finally receiving compensation today, as the Treasury laid out its plans for its £1.5bn Payments Scheme.

The government is likely to review draft income drawdown rules forbidding the use of RPI-linked annuities for the minimum income requirement (MIR), specialist providers have said.

The removal of the requirement to annuitise by age 75 could encourage people to remain in drawdown even when it becomes damaging, MGM Advantage and Intelligent Pensions (IP) warned.

Advisers must ensure clients are not caught out by little-known flexible drawdown rules this year, SIPP provider Talbot and Muir warns.

Just 2% of retirees in the UK will have enough money to meet the government's new minimum income requirement (MIR) and use flexible drawdown arrangements, research suggests.

The value of Just Retirement's new annuity business grew by £29.3m to £378.6m in the six months to 31 December 2010.

Prudential's two main retirement product businesses have increased profits this year, following a poor year for Prudential Annuities in 2009.

Life offices could split to create separate providers for men and women following the ECJ ruling banning the use of gender-pricing, an actuary says.

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The asset threshold over which individuals cannot access state help with long term care (LTC) bills has been frozen at £23,250 until 2013.