Specialist insurers merge to offset radical UK pensions reforms
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...
View ArticleChinese yuan: everything depends on what happens next
People’s Bank of China described move as a ‘one-off’ but if Beijing seeks to boost imports through devaluation, it will be a painful process China’s weakening of the yuan by 1.9% is an event that, in a...
View ArticleHundreds of thousands withdraw cash from pension pots after rules relaxation
More than 200,000 have taken out cash since George Osborne introduced reforms in April, while the sale of annuities has plummetedMore than 200,000 people have emptied their pension pot or withdrawn...
View ArticleComplaints to FCA about pensions rocket
First data since pension freedom day highlights problems savers are encountering trying to access their cashComplaints about personal pensions and income drawdown rocketed in the first six months of...
View ArticleThe high price tag on selling your annuity for cash
In April 2017 the rules change and five million annuity holders can swap an income for life for a lump sumMore than five million pensioners who were forced to buy annuities will, from April 2017, be...
View ArticleMost British savers fully cashed out pension pots on retirement after rule...
Financial Conduct Authority study finds 68% of pensions accessed between July and September were cashed out, raising concerns over investment decisionsMost British savers retiring between July and...
View ArticleOlder homeowners unlocked £393m from properties in early 2016
Equity Release Council reports biggest quarter for lending in its 25-year history on the back of drawdown mortgagesOlder homeowners unlocked a record amount of value from their properties in the first...
View ArticlePensions: FCA proposes protections for people planning to sell annuity
City regulator says some may risk running out of money in retirement, and others may not realise the true value of their plan People considering selling their annuity should be given risk warnings by...
View ArticleAnnuities take a hit as rates fall following Brexit
Retirees thinking of using their pension to buy an annuity to fund their retirement are advised to buy sooner rather than laterThe first direct hit on pensions from Brexit came on Monday morning, as...
View ArticleHow to negotiate the pensions minefield in Brexit Britain
The vote to leave the EU has seen annuity rates fall sharply. But would-be retirees still have other options Margaret Lawson is relieved that she bought an annuity in April before the rates sank any...
View ArticleA big thank you to George Osborne – from the pensioners of Britain
Annuities were compulsory until the then chancellor freed pensioners to do what they liked with their money. Today, the income from them is pitifulIt’s not a line you’re likely to see often in the...
View ArticleRetirees prove more prudent than expected after pension freedoms
A year after compulsory annuities were abolished, pensioners are withdrawing around 4% a year from their potsBritish workers reaching retirement have proved to be more prudent than many believed they...
View ArticleAnnuity rates plummet, making 2016 'worst year for payouts'
Average income for retiring pensioners has fallen by 15% so far, MoneyFacts data revealsAnnuities have suffered their worst year on record, with payouts to newly retiring pensioners falling by 15% so...
View ArticleFCA considers £1m compensation limit to increase protection for pensioners
Financial Conduct Authority to review safeguards against risk of financial firms going bust as pensioners favour drawdown products to annuitiesThe maximum compensation someone can receive if an...
View ArticlePension firms profit from slowdown in life expectancy growth
Annuity providers could make more than £1bn from longevity not rising as expectedBritain’s pension providers are enjoying a £1bn bonanza from the worsening outlook for life expectancy, as they book...
View ArticleAnnuities: a £4bn pension heist, or a great opportunity to buy? | Patrick...
The pension plans were an awful investment until they stopped being forced on usAnnuities have turned out to be fabulously profitable for Britain’s pension companies – and something of a disaster for...
View ArticleThe real problem in pricing of annuities | Letter
Prof David Blake of Cass Business School and Prof Edmund Cannon and Prof Ian Tonks of the University of Bristol respond to a piece on last Saturday’s Money pagesPatrick Collinson complains about...
View ArticleAnnuities: rates on guaranteed pension income soar 44% in a year
Previously unfashionable product falls back into favour as people seek security amid financial turmoilMortgage rates are still soaring, stock markets have been tumbling, and high inflation is eating...
View ArticleUK state pension age may rise to 68 in 2030s, reports say – what is going on?
It is claimed the Treasury wants the change for as early as 2035 – affecting those age 54 and underThe UK state retirement age could rise to 68 by the end of the 2030s, reports this week have claimed –...
View ArticleI have got into debt and can’t pay bills due to Royal London delays
The insurer told me it would take up to six weeks to get an annuity, but it’s been 13 and countingIn November I applied for an annuity from Royal London, and was told that the processing time would be...
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