Property News · March 21, 2014

Pension shakeup in budget leaves £14bn annuities industry reeling


• Fears retirees will splurge cash or leave it to languish• Shares plunge as sector is forecast to contract hugelyThe dramatic liberalisation of Britain’s pension system unveiled in the budget is likely to pump up house prices, spark a bonanza for estate agents, car dealers and cruise ship operators – and could deal a devastating blow for the UK’s £14bn annuity business.George Osborne’s budget on Wednesday – in which he declared that “no one will have to buy an annuity” – swept away most of the regulations on pensions, freeing savers to do what they like with their retirement savings, starting from April next year. Continue reading…

Source : theguardian.com
Read more…Pension shakeup in budget leaves £14bn annuities industry reeling

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