{"id":22119,"date":"2016-08-06T13:00:26","date_gmt":"2016-08-06T06:00:26","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/a-big-thank-you-to-george-osborne-from-the-pensioners-of-britain\/"},"modified":"2016-08-06T13:10:56","modified_gmt":"2016-08-06T06:10:56","slug":"a-big-thank-you-to-george-osborne-from-the-pensioners-of-britain","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/a-big-thank-you-to-george-osborne-from-the-pensioners-of-britain\/","title":{"rendered":"A big thank you to George Osborne \u2013 from the pensioners of Britain"},"content":{"rendered":"


\nAnnuities were compulsory until the then chancellor freed pensioners to do what they liked with their money. Today, the income from them is pitifulIt\u2019s not a line you\u2019re likely to see often in the Guardian, but thank you George Osborne for the towering achievement of your reign as chancellor: you got rid of annuities and saved millions of pensioners-to-be from a spiral of catastrophically low payouts from their life savings.Annuities, for those not in the know, are an income for life. The idea is that at retirement you swap your pension savings accumulated while at work for an agreed fixed income, paid out every year until you die. They used to be compulsory until Osborne stunned the \u00a312bn-a-year industry, freeing retirees to do what they like with their money. Continue reading…
\n
\nSource : theguardian.com
\nRead more…A big thank you to George Osborne \u2013 from the pensioners of Britain<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Annuities were compulsory until the then chancellor freed pensioners to do what they liked with...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-22119","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-5KL","jetpack-related-posts":[{"id":30605,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/treasury-carries-out-major-u-turn-on-pension-annuities\/","url_meta":{"origin":22119,"position":0},"title":"Treasury carries out major U-turn on pension annuities","date":"October 19, 2016","format":false,"excerpt":"\r Former chancellor George Osborne\u2019s plan to allow pensioners to sell existing annuities too risky, suggests ministerPlans to allow millions of people to raise money by selling their pension annuities have been scrapped by the government, amid warnings that it could have turned into \u201cthe next big mis-selling timebomb\u201d.In a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5694,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tax-trap-fears-grow-after-osborne-pensions-shakeup\/","url_meta":{"origin":22119,"position":1},"title":"Tax trap fears grow after Osborne pensions shakeup","date":"August 7, 2014","format":false,"excerpt":"\r Data shows pensioners may pay \u00a33.6bn more in tax after raiding pension pots as critics warn of 'one-man mis-selling scandal'Pensioners stand to lose \u00a33.6bn in additional tax payments from next April as concerns grow that the freedom from annuities unveiled by George Osborne as the centrepiece of the 2014\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11068,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ministers-to-discuss-fate-of-pensioners-trapped-with-annuities\/","url_meta":{"origin":22119,"position":2},"title":"Ministers to discuss fate of pensioners trapped with annuities","date":"March 12, 2015","format":false,"excerpt":"\r Hope for millions of retirees who will not benefit from pension \u2018freedom day\u2019, according to new report Pensioners who are locked into an annuity to provide them with retirement income may be allowed to sell the policy under measures reportedly being discussed by ministers on Friday.The 2014 budget announced\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22891,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/retirees-prove-more-prudent-than-expected-after-pension-freedoms\/","url_meta":{"origin":22119,"position":3},"title":"Retirees prove more prudent than expected after pension freedoms","date":"August 15, 2016","format":false,"excerpt":"\r 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 would be after receiving new pensions freedoms a year ago.The pensions minister at the time, Steve Webb, said pensioners\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6772,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/who-benefits-from-abolition-of-55-tax-on-pensions\/","url_meta":{"origin":22119,"position":4},"title":"Who benefits from abolition of 55% tax on pensions?","date":"September 29, 2014","format":false,"excerpt":"\r Patrick Collinson analyses the detail behind George Osborne\u2019s plan to cull tax that hits pensioners who want to pass on savingsThe chancellor, George Osborne, is to tell the Conservative party conference on Monday that a punitive tax that affects pensioners who want to pass on their savings will be\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":90058,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pensioners-to-lose-up-to-100-in-winter-fuel-payments\/","url_meta":{"origin":22119,"position":5},"title":"Pensioners to lose up to \u00a3100 in winter fuel payments","date":"March 24, 2011","format":false,"excerpt":"\r George Osborne's budget fails to mention that the winter fuel top-up introduced by Labour will not be renewedOlder people will receive up to \u00a3100 less from the government in payments to help with their winter energy bills \u2013 a cut George Osborne failed to mention in his budget speech,\u2026","rel":"","context":"In "Property 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