Guaranteed Annuity Rates

Regulator ‘asleep at the wheel’

Pension freedom changed market

To be implemented in April 2018

Valuing safeguarded benefits too complex

The Department for Work and Pensions (DWP) may simplify the way it calculates the value of personal pensions with a guaranteed annuity rate (GAR) to make it easier for parties to understand when independent financial advice is required.

The Pensions Ombudsman has ordered Abbey Life to pay almost £10,000 to a scheme member for failing to inform her that she had a guaranteed annuity rate (GAR).

The creation of a second-hand annuity market is guaranteed to happen, according to former pensions minister Steve Webb, who suggested the Treasury has already ‘banked' the cash it expects to receive from the policy.

Alan Bradbury discusses the recent consultation on small pension pots and examines the issues with the "pot follows employee" approach

The sale of variable annuities and advice given to consumers will be closely scrutinised to limit potential mis-selling, a European Union (EU) pension body says.

Phoenix Group, which only manages closed books of business, is campaigning to be included in online annuity comparison tools.