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Annuity News

  • MGM calls for bespoke annuity rates

    Retirement income specialist MGM Advantage has called on the industry to emulate its own course and ensure that every annuity takes into account personal circumstances and is individually underwritten, to give anyone who opts for an annuity the best possible … Read more »

  • The most important features of retirement products

    Following the dramatic changes to pensions announced in the Budget, Partnership has commissioned research to identify what aspects of retirement products are considered most important by consumers. More than 2,000 people aged between 45-70 were surveyed to ascertain their views. … Read more »

  • Annuity market stabilises after Budget

    Roughly three-quarters of annuity clients are going ahead with transactions following the dramatic shake-up of pensions and annuities announced in the Budget, according to over 55s retirement specialist Key Retirement Solutions. Key Retirement Solutions analysed customer data and found 24% … Read more »

  • The advantage of enhanced annuities

    Retirement income specialist MGM Advantage has reported that thousands of pounds of income from enhanced annuities is going begging every year. The company has calculated the income that an enhanced annuity could provide people who have one of three common … Read more »

  • Advisers optimistic about pension reforms

    Optimism is the predominant feeling amongst advisers when it comes to proposed savings and pension reforms, according to the latest Adviser Barometer from Aviva. The insurer found that an increasing number of consumers were receiving financial advice and that advisory … Read more »

  • Annuities market could decline by 75%

    The UK annuities market could see a decline as large as 75% after changes announced in the Budget regarding annuity purchases come into effect, PwC has warned. The firm, whose view is based on its own analysis coupled with a … Read more »

  • ABI calls for pension reform clarity

    The Association of British Insurers (ABI) has called for clarity from the Government regarding the changes to pensions announced in the Budget last week. Huw Evans, ABI Director of Policy, stated that pension and annuity providers were given no advance … Read more »

  • AXA welcomes Budget’s direction of travel

    Andy Zanelli, head of retirement planning, AXA Wealth, has welcomed the direction of travel revealed in the Budget last week, in which Chancellor George Osborne announced significant reforms for ISAs and pensions. Zanelli added that the Budget represents a clear … Read more »

  • Partnership responds to pension reforms

    Annuity specialist Partnership has said that, in light of the pension reforms announced in the Budget, annuities remain an important part of retirement planning. The firm asserted that a key objective of planning for retirement is turning pension savings into … Read more »

  • ABI announces retirement income reforms

    Customers will benefit from more help when they turn their pension savings into retirement income, the Association of British Insurers (ABI) has announced. A new minimum standard for customers is to be introduced in the pensions industry, building on the … Read more »

  • The advantages of fixed term annuities

    Retirement specialist LV= has produced a new ‘Fact and Fiction’ report for advisers, which considers how individual and market circumstances change the potential appeal of fixed term annuities. Increasing life expectancy means that more people will enjoy 20-30 years (or … Read more »

  • FCA: annuity market not working for consumers

    The Financial Conduct Authority (FCA) has released a review into the annuity market, which has found the system is not working for consumers. The FCA has announced plans to launch a Competition Market Study to delve deeper into the issue … Read more »

  • The value of annuities is unrecognised

    The true value of annuities is not being recognised, and as a result they are being undermined, according to Legal & General’s Tim Gosden. Gosden, head of strategy for Individual Annuities, stated that the annuity provided guaranteed income in retirement … Read more »

  • Aviva emphasises value of annuities

    Aviva has commented on recent discussion about the value for money that annuities offer, particularly when compared with other potential investments (such as yield rates on lower risk investments such as gilts). The firm stresses that such direct comparisons can … Read more »

  • Annuity-switching plan is unsound

    The proposal by Pensions Minister Steve Webb for switchable annuities has not received the approval of Fraser Smart, Buck Consultants’ managing director. Smart warned that the whole premise of being able to switch annuities was unsound. He stated that the … Read more »

  • Browse for bargain annuities, Aviva advises

    Aviva has warned that action is needed to create an industry-wide approach that enhances consumer confidence and enables consumers to make informed decisions regarding retirement. Currently, two-thirds of people browse the market for an annuity, a significant increase over the … Read more »

  • FSCP annuity report broadly welcomed

    Helen Forrest (Head of Policy, NAPF) has responded to the Financial Services Consumer Panel’s (FSCP) report on annuities, stating that the NAPF had long been concerned about the annuities market. Forrest referred back to a report the NAPF and Pensions … Read more »

  • Standard and enhanced annuities overlap

    There is a huge overlap between standard and enhanced annuities according to Clive Bolton, Aviva’s At Retirement MD. This is affected by factors including health and location, and could mean that a wealthy individual with high cholesterol and blood pressure … Read more »

  • Proposed pensions charges cap gets mixed response

    Legal & General has said that the Government’s proposed cap on pension charges of 0.75% is too high. The firm asserted that the cap would prove ineffective at driving down costs and fail to address the issue of legacy pension … Read more »

  • Support rises for Stewardship Code

    The National Association of Pension Funds’ (NAPF) Annual Stewardship Conference saw the release of its latest survey. The ninth annual survey of pension funds’ engagement with investee companies revealed that pension funds were almost entirely united (96%) in the view … Read more »