Hard-hit annuity providers Just Retirement and Partnership Assurance to create £1.6bn group
Two specialist insurers caught up in George Osborne’s shake-up of the annuity market in last year’s budget have announced a merger plan to create a £1.6bn group.
Just Retirement and Partnership Assurance, both involved in the annuities market, lost half their market capitalisation last year when the chancellor changed the rules to give retirees greater flexibility over pensions. The new rules, which came into force in the spring, give people more autonomy over their retirement savings.
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