Annuities News / Income Drawdown News
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Retirement incomes fall by £13,000 since 2000
28th March 2012. The average income that workers can expect from their pensions has fallen by £13,000 a year since the year 2000. Pension savers have been hit by a combination of turmoil in the financial markets, falling annuity rates and rising longevity. Workers who don't belong to generous final salary schemes – which are dying out in the private sector – must build up a pension pot, which is used to buy an annuity or income for life at retirement... Retirement Income News
Guidance Published On Annuities
7th March 2012. Annuities have hit headlines following the Association of British Insurers’ (ABI) release of its finalised code of conduct for pension providers, which will require them to provide more information about the types of products available on the wider market and to stop including application forms for conventional annuities in their information packs...Annuities News
Equitable Life to Stop Offering Annuities
1st March 2012. Equitable Life aims to use partnership with Canada Life to free up capital to pass to policyholders. Equitable Life will no longer offer maturing policyholders annuities after the company struck a new agreement with Canada Life, which it says will give it easier access to capital. By not offering its own annuities, Equitable Life said it will have “quicker and easier access to capital” which it can then pass on to policyholders...Equitable Life Annuities News
Amps Survey Calls For Drawdown Re-Think
27 February 2012. Association chairman calls for HMRC to increase the minimum yield for calculating drawdown to boost take-up. Over 70 per cent of self invested personal pension and small self administered scheme providers think that the reduction in maximum drawdown rates after April 2011 should be reviewed, new data from an Association of Member Directed Pension Schemes survey has shown...Drawdown News
Aviva reveals an 'eagle-eyed generation' of retirees ready to challenge the younger workforce
11 January 2012. Research from retirement specialist Aviva has unleashed a new work hungry generation of retirees who are ready to embrace part-retirement and continue working.
It has long been thought that upon retirement, the majority of people would relish in the idea of long days playing golf, socialising, going on extended holidays or taking up a new hobby. However, Aviva have detailed in their Real Retirement Reports, retirees are now facing a challenging landscape of decreased savings and an increase in personal debt. This not only highlights a generation of over 55's wanting to get back to work as an activity to do, but also those retirees who simply cannot afford to stop working, no matter what their age.
86 percent think they could do a better job than some younger people at their roles.
67 percent believe the younger generation moan too much about their work-life balance.
83 percent think they are more practical than the younger generation.
Annuities and Drawdown 2011
23 December 2011. For pension investors, 2011 should have been a year defined by landmark policy reforms, bringing in unprecedented levels of freedom and flexibility in retirement planning. But in fact the year closed with many retirees facing large cuts to their income – or being offered record low annuity rates for their lifetime savings. In April, the government implemented its promise to scrap the pension rule that, for more than 3 decades, had forced thousands of pension investors to move their funds out of the stock market and buy an annuity once they turned seventy five. This reform was coupled with the introduction of flexible drawdown...Annuities News
Just Retirement Wins Top Gong At Service Awards
18 November 2011. Company of the year at the Financial Adviser Service Awards went to Just Retirement, while a score of other names won in the e-commerce, mortgages, investments, life and pensions categories. LV=, Transact and Scottish Life were also among winners. Aviva scored as the most improved in the Investment Providers and Platforms category. ...Just Retirement News
Hornbuckle Mitchell Opens Doors To Flexible Drawdown
27 October 2011. Hornbuckle Mitchell, the Income Drawdown and Sipp provider, has started accepting applications from clients wishing to take their pension income via flexible drawdown. Flexible drawdown lets pension scheme members who have over £20,000 per year secure income - from state pension, annuities and final salary schemes - to take funds directly from Sipps and other personal pensions without them being subject to a cap...Hornbuckle Mitchell News
Caution Urged Over Fixed-Term Annuities
27 October 2011. As income levels fall to record lows, investors looking to put off buying a traditional annuity on retirement are being advised to take a cautious view of fixed-term annuity plans that are sold as a way of keeping their pension options open. According to the MGM Advantage Annuity Index, the average rates from conventional and enhanced annuities fell by 4.15% and 2.3% respectively, in the 3 months to the end of September...Fixed term Annuity News
Partnership Assurance Might Be Sold With Price Tag Of Around £750m
19 September 2011. Retirement specialist Partnership Assurance (an annuity provider) will be the subject of a bidding war with a price tag in the region of £750 million. Its private equity firm parent Cinven is set to start the process to sell Partnership Assurance after receiving a number of takeover approaches...Partnership Assurance News
Which Survey Highlights Retirement Shortfall
27 August 2011. Research by Which has shown that a single person hoping to receive a post-tax retirement income of £1,500 per month will need to have saved up a pension pot of £230,000 by the time they reach age 65. If they buy an index-linked annuity, to protect their pension income against inflation, the figure rises to £370,000...Pension Shortfall News
Annuities 'Last For a Lifetime'
26 August 2011. An expert's claimed that an annuity makes a good investment because it lasts a lifetime. According to Fiona Tait, in the FT, retirees should not be deterred from making the alternative investment because of falling rates and dwindling pension funds. "There's no doubt this will cause short term problems for some individuals but is there some good that could come of it?" she asked. "Annuities are for life. The key upside of a conventional annuity is that it doesn't run out." ...Annuity Rates News
LV= eyes up Hornbuckle takeover
19 August 2011. LV is in talks over deal that would create joint provider with 5th largest SIPP book. LV is close to a decision on whether to buy SIPPs and SSASs provider Hornbuckle Mitchell. A source confirmed that LV is in talks with pension specialist Hornbuckle Mitchell and is looking to buy the entire company...LV and Hornbuckle Mitchell News
Stock market falls cut pension values
12 August 2011. 1000's of pension investors are facing a poorer retirement as the world's stock markets slump and continuing falls in annuity rates have cut the income they hoped to receive by nearly 20 percent...Pension News
Will inflation affect my pension earnings?
11 August 2011. Index-linked returns grow at the same rate as inflation. Annuities with indexing are inflation-proof, but many take level-term annuities instead, where their income stays the same. This means it is worth less if inflation starts to rise. Pension savings can suffer in the same way...Inflation News
Expert says no time to lock into conventional annuity
11 August 2011. Those approaching retirement have been advised not to lock into conventional annuities amid tumbling markets. MGM Advantage has said pension investors might consider flexible annuities instead as a more lucrative alternative...Flexible Annuities News
Are We Getting A Raw Deal From Fixed Term Annuities?
3 August 2011. Are consumers getting a raw deal from fixed term annuities? The fixed term annuities market is growing fast, with more than 4500 advisers using them. But how do they compare with enhanced rates for lifetime policies and drawdown and are they a good deal for clients?...Fixed Term Annuity News
Thinking Ahead About Retirement: Retirees Advised To Seek IFA Guidance
1 August 2011. Those thinking about retirement are being advised to seek out the help of Independent Financial Advisers (IFAs). Which Advisor made the recommendation, which showed up to 90 percent of IFAs believe the recent decreases to annuity rate payments will increase consumer demand for annuity alternatives to ...Retirement IFA Advice News
Falling annuities bode ill for pensioners: MGM Advantage
12 July 2011. MGM Advantage has warned that pensioners are facing a diminishing pot of money to support ever-increasing longevity after annuity rates fell over the past 3 months. MGM Annuities said income paid on enhanced and conventional annuities between March and June fell by 0.18 per cent and 3.5 per cent respectively....Annuity Rates News
UK to apply EU insurance gender rule from end 2012
30 June 2011. The UK will enforce a European Union ban on sex discrimination in insurance pricing from the end of next year, a government minister said on Thursday, dispelling insurers' concerns that the measure could apply to existing policies. Legal experts say the ruling is significant for many insurers in Europe because they use gender as a risk factor to price policies including annuities...Annuities Gender Rule News
Nest appoints 5-strong annuities panel
22 June 2011. National Employment Savings Trust (Nest) has revealed details of 5 annuities providers that have been appointed to its retirement panel, with each getting a contract that runs for ten years. Nest's panellists are: Canada Life Annuities and Legal and General Annuities (L&G) for both conventional and enhanced annuities; Just Retirement enhanced annuities and Partnership enhanced annuities; and Reliance Mutual for enhanced annuities specifically for those who smoke...Nest Annuities News
Hargreaves Lansdown and Wealth 150 attacked for 'secret commissions'
13 June 2011. Hargreaves Lansdown has been criticised for not fully disclosing its financial arrangements with fund managers. The Daily Mail said Hargreaves Lansdown is wrong to keep fees so secret. They said Hargreaves Lansdown is at a crossroads...Hargreaves Lansdown News
Enhanced Annuities: Annuity clients may be missing out on billions
10 June 2011. Research suggests that customers are missing out on billions of pounds by not applying for enhanced annuities and financial advisers could be part of the problem. Independent research by Oxford Economics, on behalf of the Pension Income...Enhanced Annuities News
The Pru issues warning over fixed-term annuities
9 June 2011. The Pru has warned that products are "bizarrely" governed by income drawdown rules and urges advisers to check explanation of risk in suitability letters. Prudential Annuities have issued a warning to advisers over fixed-term annuities, saying that clients may not understand the risk profile of the product. The comments follow the launch of new fixed-term annuities by providers such as Just Retirement Annuities, Living Time Annuities and LV Annuities...Fixed Term Annuities News
Higher annuity rates may not last long
2 June 2011. The Pru reports that those who are currently enjoying higher annuity rates might find that this trend is only short-term. It's possible that the UK is unlikely to see the long-term continuation of these high rates...Pru Annuity Rates News
Just Retirement appoints medical director
23 May 2011. Annuity provider highlights need for effective underwriting as it confirms appointment of Dr Tim Crayford, who has served as a government medical adviser. Just Retirement has appointed Dr Tim Crayford, formerly chief medical adviser to the department of transport and medical director for Norfolk Community Trust, to the newly created position of medical director...Just Retirement News
Consumers 'need more education' over annuities
11 May 2011. When it comes to annuity products, UK consumers need to be provided with an even greater level of education by firms operating in the country's financial services sector, it has been suggested. The Open Market Option is one area where further information could be provided to people, according to MGM Advantage...Call for Annuities Education
Annuity Company Hargreaves Lansdown pair make top 100 Rich List
20 April 2011. Peter Hargreaves and Stephen Lansdown are now amongst the UK's 100 wealthiest people, according to the Sunday Times Rich List 2011...Hargreaves Lansdown News
HMRC u-turns on income drawdown rules
20 April 2011. The taxman has back-tracked on income drawdown rules that could have left some investors trapped in poor personal pensions, in response to pressure from pension providers. The draft of the Finance Bill published on 31 March, said all savers switching their pension funds to new pension providers after 6 April would become subject to new, stricter withdrawal limits when later going into capped drawdown...Flexible Drawdown Rules
Savers advised to delay flexible drawdown decision
19 April 2011. HMRC's clarification on the rules for flexible drawdown mean that savers could benefit from not entering flexible drawdown until a year after they secure their income. HM Revenue and Customs (HMRC) has clarified rules around flexible drawdown, stating that the £20,000 minimum income requirement (MIR) needs to be evidenced for the tax-year in which drawdown is taken and not just guaranteed...Flexible Drawdown Rules
Income drawdown rules trapping pensioners with poor pots
13 April 2011. Pension experts warn investors could be stuck in poorly performing plans, as transfering out could lead to a loss of income following changes to drawdown rules. New income drawdown arrangements, which became available on 6 April, allow investors to withdraw 100% of their GAD or equivalent annuity rate...Income Drawdown Rules
Hornbuckle to delay offer of flexible drawdown
31 March 2011. Hornbuckle Mitchell will not be offering flexible drawdown on the 6 April 2011 when the new rules come into force, head of sales has confirmed...Flexible Drawdown
Just Retirement: OMO is past its sell-by date
17 March 2011. Scrapping the Open Market Option (OMO) and replacing it with a 'pension passport' will help consumers to shop around for annuities. The Pensions Income Choice Association has reinvented shopping around with a three step process that will encourage people approaching retirement to choose between annuity providers, claims Just Retirement...Just Retirement Annuities
Dangerous rush to meet Income Drawdown deadlines
14 March 2011. Scottish Life has warned of the danger of providers rushing to meet the start date to introduce flexible Income Drawdown. Scottish Life, told FT Adviser providers had no hope of meeting the start date of 6 April 2011 saying "We still have not had the results of the consultation on flexible Income Drawdown and it is due to start on the 6 April...Income Drawdown
Income Drawdown Changes Will Benefit Older Pensioners
8 March 2011. Changes to Income Drawdown rules coming into force in April are likely to increase the number of people deciding to use drawdown in their later years. Within the new legislation coming into force from April there were 3 changes that would particularly affect older pensioners use of drawdown. Firstly, the company pointed out that under new 'capped' Income Drawdown...Income Drawdown
Industry anger at EU annuities rates ruling
1 March 2011. Industry experts said the increased cost of compliance is expected to lead to insurance underwriters and pension providers cutting annuity payouts. The head of pensions research at Hargreaves Lansdown, said...Annuity Rates
Annuities: Changing times call for different measures
23 February 2011. The results of the latest Retirement Planner Enquiry, into how recent reform will affect the annuity market, are in. The rate of retirement income...Annuities Market
Just Retirement to launch flexible annuity
23 February 2011. Just Retirement has revealed it is working on a flexible fixed-term annuity product to bring out in the summer...Just Retirement Annuities
New drawdown rates could 'shock' pensioners
28 January 2011. HMRC is creating new figures to calculate Income Drawdown limits which could reduce pensioner incomes, experts warn. The new capped Income Drawdown amounts for individuals will be 100% of their equivalent annuity, rather than 120% as before...Income Drawdown Rates
Variable annuities endangered?
27 January 2011. What does the future holds for the variable annuity market and how that will affect the third way sector as a whole? The third way annuity market has expanded rapidly over the past 4 years with providers developing variable annuities, as well as fixed-term and asset backed annuities...Variable Annuities
MetLife Annuities to distribute Living Time products
14 January 2011. MetLife Annuities will distribute the Living Time Annuities fixed-term annuity products as part of MetLife's expansion strategy. MetLife claimed the deal underlines its continued commitment to product innovation in the UK market and enables it to establish a presence in the rapidly growing fixed-term annuity category which Living Time...Living Time Annuities
'Misleading' Aviva annuity ad banned
21 December 2010. A TV advert for Aviva Annuities, in which the insurer claims it can provide 20% more income for annuity customers, has been banned by the Advertising Standards Authority. The ad features a voiceover saying: "when you retire get up to 20% more income with Aviva". Aviva claims its annuity rates...Aviva Annuities Ad Banned
End of Compulsory Annuities
14 December 2010. You could almost hear the pensions industry raising a collective cheer as the government announced plans to scrap the compulsory annuity purchase requirement. The abolition of the age-75 rule follows years of furious pension industry lobbying...End of Annuities
Pensioners need £20,000 to access flexible drawdown; IFAs to incur training costs
9 December 2010. Access to new flexible Income Drawdown pensions will be restricted to people with a lifetime pension income of a minimum of £20,000 a year, the Treasury says. The rule change is included in a package of draft clauses published today by the Treasury for inclusion in the Finance Bill 2011. Capped Income Drawdown amounts...Income Drawdown
End of compulsory annuitisation in sight
8 December 2010. The government will soon announce its consultation on scrapping compulsory annuitisation at age 75. The plan aims to change current annuity rules that stipulate individuals have to take an income from their pension fund from the age of 75. This can be through buying an annuity or by taking an income directly from their pension fund, known as an alternatively-secured pension. Philip Brown, head of retirement for Partnership Assurance Annuities...Compulsory Annuities
Annuity rates increase but not the start of a trend
29 November 2010. Rising bond yields appear to be feeding through into the annuity market with six insurance companies increasing their rates over the last week. Laith Khalaf, pensions analyst at Hargreaves Lansdown, does not think this is the start of a sustained trend. He claimed the Hargreaves Lansdown annuity...Hargreaves Lansdown Annuities
Just Retirement Annuity Sales up 14 per cent
11 November 2010. Just Retirement's new annuity business sales are up 14.9 per cent to £245.5m according to its interim results. The retirement specialist's annuity policies...Just Retirement Annuities
Hoban defeats extra Equitable Life payments
11 November 2010. Thousands of Equitable Life victims who bought annuities before 1992 will receive no compensation despite a proposed amendment to include them in the government's repayments package...Equitable Life Annuities
Government can't calculate Equitable Life compensation for extra 10,000 annuity holders
10 November 2010. The level of due to 10,000 Equitable Life customers who bought with-profits annuities before 1992 would be "impossible to calculate", Tory MP Jonathon Edwards says. During a debate on the Equitable Life...Equitable Life Annuities
Retirees missing out because of illogical behaviour
20 October 2010. Thousands of people could be missing out on a better retirement income because of an illogical approach to shopping around for the best annuity deals according to Aviva. The retirement specialist said while people are used to comparing prices for routine items like food and holidays, the same logic is not always applied to buying annuities...Aviva Annuities
Just Retirement sales hit £1bn record
19 October 2010. Just Retirement has generated sales of over £1bn for the first time in its history, a year-on-year improvement of 33 per cent. Just Retirement's embedded value has grown by 107 per cent over the last year. Just Retirement said...Just Retirement Annuities
Lansdown cashes in £58m in sale of Hargreaves Lansdown shares
14 October 2010. Stephen Lansdown, co-founder of Bristol-based Hargreaves Lansdown, has taken a further step back from the advisory business after selling more than 13m in ordinary shares. Mr Lansdown's shares were...Hargreaves Lansdown Annuities
Just Retirement acquisition will build on Open Market Option plans
5 October 2010. Just Retirement is acquiring The Open Market Annuity Service (Tomas) from Kerr Henderson. The acquisition is part of the specialist life assurance group's strategic goal to invest in further development of the Open Market Option. Just Retirement said...Just Retirement Annuities
Advisers turn to asset-backed annuities as rates plunge
16 September 2010. Advisers are set to turn their backs on conventional annuities and recommend asset-backed alternatives as annuity rate crashes continue to plague retirees. A study conducted by MGM Advantage suggests more than 90% of IFAs expect the market for...MGM Annuities
Axa to enter variable annuity market
14 September 2010. Axa Annuities is ready to enter the variable annuity market in the UK before the end of the year. The managing director of Axa Global Distributors, said it would complement the newly created Axa Wealth business...Axa Annuities
How will annuity reform affect QROPS?
9 September 2010. Proposed annuity reform will have a big impact on how people take their retirement income. Now that the Government has laid out its proposals for annuity reform...Annuity Reform
September annuity rates on 'even keel'
6 September 2010. Annuity rates have mostly remained constant over the past month with Aviva still in the top spot, according to the latest figures from Alexander Forbes Annuity Bureau. Basing research on a 60-year-old male with a £100,000 purchase, the figures say Aviva offers...Alexander Forbes Annuity Bureau Annuities
Preserving the golden age of annuities
2 September 2010. The chief executive of Partnership Assurance Annuities, discusses the opportunities and problems surrounding the scrapping of the annuity age. We congratulate the Government on its consultation, Scrapping Annuities Age 75, which provides a range of retirement funding options...Partnership Annuities
Why advisers should consider third-way annuity products
27 August 2010. An alternative to conventional annuities and unsecured pensions has emerged as a popular retirement choice, writes Mike Morrison, head of pensions development at Axa Wealth ...AXA Annuities
Stephen Lansdown resigns as Hargreaves Lansdown exec director
27 August 2010. Stephen Lansdown has taken a step back from the management of Hargreaves Lansdown by resigning as executive director to pursue other interests...Hargreaves Lansdown Annuities
Hargreaves Lansdown urges abolition of contracting out
Hargreaves Lansdown said government plans to abolish contracting out into final salary schemes would simplify the pension system and create greater equality between defined benefit and defined contributions...Hargreaves Lansdown Annuities
Origen and PosSol post £2m Q2 losses
Aegon UK's distribution businesses Origen and Positive Solutions posted combined losses of £2m in the 2nd quarter of 2010...Aegon Annuities
Annuity transfer delays can cost £127 a week
Delays in the tansfer of pension savings into retirement income could cost pensioners up to £127 a week...Annuities Transfer
Annuities - Change is afoot
Examining changing times for the annuity market. The 2 main factors affecting the pricing of conventional annuities...Annuities
A quarter of retirees find that their health dramatically worsens during the 1st five years of retirement, according to LV=
The majority of people currently fix themselves into an annuity product for life at their point of retirement...LV Annuities
Scottish Widows says Money worries tops over 50's list of concerns
Some 56 per cent of over 50's are worried about financial stresses when they retire, data from Scottish Widows...Scottish Widows Annuities
Just Retirement hits £1bn mark
Just Retirement said sales of its Equity Release and annuity products topped £1bn during...Just Retirement Annuities
Scrapping annuity rule is move in right direction
Proposals to remove the requirement to annuitise at age 75 are a welcome move which will provide savers with more flexibility to plan their retirement...Annuities
Compulsory annuitisation rules ripped up; ASP axed
The UK Government today proposed bringing to an end rules forcing pension investors to buy an annuity at a specific age saying there should no longer be a deadline by which people "effectively have to annuitise". It says retirees will be able to choose how much to draw down annually...Annuities and Income Drawdown
Annuities: Age 75 - more flexibility for all?
The consultation to end compulsory annuities should lead to increased flexibility for retirees...Compulsory Annuities
Capped drawdown given as annuity alternative
The Treasury is proposing to scrap the age-75 requirement to buy an annuity and give investors the option of drawdown instead. The government said it wanted to simplify the rules on pensions savings by giving retirees the choice of drawdown or buying an annuity...Annuities and Income Drawdown
Reform should not undermine UK annuity sector
Reforming the Age 75 rule will re-invigorate the retirement income market but care should be taken not to undermine the annuity sector...Annuities Age 75 Rule
UK Government set to further relax forced annuities
The Government is expected to throw its weight behind the scrapping of compulsory annuities when it launches a consulation on pensions funding tomorrow. Head of pension research at Hargreaves Lansdown...Hargreaves Lansdown
Retirees want more annuity advice
More pre-retirees are shopping around for an annuity, but some insurers are not providing clear enough information to their clients about their pension Open Market Options, new research has found. A survey of 750 retirees found 67 per cent of respondents who bought an annuity earlier this year used the Open Market Option (OMO) to look for a more competitive rate...Annuity Rates
Axa Wealth poised for variable annuity pilot
Axa Wealth is set to pilot a variable annuity with a select group of IFAs, with a view to rolling it out industrywide in October...Variable Annuities
Saga only top five provider not to cut annuity rates
Saga was the only top five provider not to cut annuity rates following the emergency Budget according to Alexander Forbes Annuity Bureau...Annuity Rates
Hornbuckle warns on pre-55 income drawdown
Hornbuckle-Mitchell warns advisers with Income Drawdown clients of potential problems for clients who want to transfer an uncrystallised fund to one which was nearly all or partly protected rights ...Income Drawdown
Resolution eyes £2.75bn AXA annuities, protection and pensions deal
Resolution Group, the consolidation vehicle which bought Friends Provident (see Friends Life) last year, is in talks to buy Axa UK's annuity, protection and group pensions business for £2.75bn...Friends Provident and Axa Annuities
Government scraps age 75 rule on annuities
The Government will scrap the rule which creates an effective obligation to purchase an annuity by age 75...Annuity Rules
Hargreaves Lansdown: Thatcher better than Cameron
Peter Hargreaves, the founder and CEO of Hargreaves Lansdown, says former Prime Minister Margaret Thatcher was a "million times" better for businesses than David Cameron...Hargreaves Lansdown
Aegon Annuities pulls out of bulk annuities market
Aegon Annuities said the move was part of a drive to cut a quarter of its life and pensions costs in the UK...Aegon Annuities Provider
Advised annuity sales to fall further
Nearly three quarters of UK annuity providers believe advised sales of their product will continue to fall, while execution-only business continues to rise. A total of 24 annuity providers...Annuity Providers
Partnership Annuities to enter Equity Release market
Partnership Annuities is set to become the latest entrant to the Equity Release market after it revealed that it could be planning to launch a product...Partnership Annuities
Rockingham adds MetLife
Retirement income broker Rockingham Retirement has made the MetLife Guaranteed Investment bond the third investment product available through its Retirement Income Triple Investment Account (Rita) drawdown platform. The MetLife...Rockingham / MetLife Annuities
Annuity rates stabilise ahead of Budget
Annuity rates held firm in June ahead of the Emergency Budget, following several months of falling prices. The best level annuity rate from Saga of £6,180 was unchanged from May, the Alexander Forbes Annuity Bureau says. The majority of providers held their rates for the month with only Aviva and Aegon...Annuity Rates
Hargreaves Lansdown boss departs UK for Guernsey
Stephen Lansdown, the Hargreaves Lansdown co-founder and one of the UK's richest individuals, has left Britain for Guernsey. It was acutally Hargreaves Lansdown co-founder Peter Hargreaves who first threatened to exit the UK, before doing a u-turn on his plan to flee. Lansdown, the...Hargreaves Lansdown
Coalition to phase out annuity compulsion
Plans include a review of the retirement age and an end of the requirement to buy an annuity by age 75...Compulsory Annuities
Top Prudential exec slams Govt annuity policy
Government opposition to forced annuitisation ignores the fact people want to buy annuity products, argues Prudential...Prudential Annuities
Just Retirement annuity sales up 87% in Q1
New annuity business at Just Retirement rose to £238.6m in the first three months of 2010...Just Retirement Term Annuities
HMRC ruling traps income drawdown clients
HM Revenue & Customs has confirmed clients aged between 50 and 54 with crystallised benefits are unable to transfer to a new scheme or annuitise without facing unauthorised payment charges...HMRC Income Drawdown
Life after Income Drawdown
The last decade has seen Income Drawdown become the darling of the retirement income market for mass affluent to high net worth customers. Why? Because it offers everything that traditional annuities...MGM Advantage Income Drawdown
MGM Advantage says election result will increase annuity rates
MGM Advantage Annuities has predicted the hung parliament could result in higher annuity rates. "If annuity rates do rise, this will come as welcome relief to the annuity sector because rates in general have been falling"...MGM Annuities
Annuity sales drive Friends Provident's 19% sales growth
Annuities have help drive Friends Provident's (See Friends Lifetime) sales in the first quarter of 2010...Friends Provident Annuities
Variable Annuities, the Next Big Thing
Annuity Products: Discussing the future prospects for variable annuities in the UK ...Fixed Term Annuities
The rise of the annuity
Annuity Products: Discussion on the different annuity products available on the market ...Annuity Products
Annuity rates fall after winter stability
Annuity rates tumbled in April after a brief period of stability during the winter...Annuity Rates
Unlocking annuity choice
Helen Morrissey assesses the prospects for the fixed term annuity market. The fixed term annuity has, up until now, played a relatively small part in the at-retirement marketplace...Fixed Term Annuities
LV Launches Third Way Annuity
LV Annuities has launched Protected Retirement Plan, a variable annuity pension product with a minimum term of three years, which head of annuities...LV Third Way Annuities
Enhanced annuities sales rise 24% to £1.79bn
Sales of enhanced annuities in the UK increased by 24% last year, latest Towers Watson research reveals...Enhanced Annuities
Income Drawdown, Making the grade?
As Income Drawdown approaches its 15th anniversary John Moret assesses whether it has met peoples' needs right. It's nearly fifteen years since the introduction of Income Drawdown in July 1995. Few financial products have caused more debate ' with support for Income Drawdown fluctuating as investment markets oscillate and interest rates rise or fall...Income Drawdown
Just Retirement chief to step down
Just Retirement founder Mike Fuller will step down as chief executive in the summer. He will be succeeded by LV managing director of life and pensions, Rodney Cook, when he retires on 2 July 2010. Fuller, who founded the Equity Release and annuity specialist...Just Retirement
MGM Advantage reveals details of flexible annuity
MGM Advantage Annuities has revealed further details of its asset backed Flexible Income Annuity. The minimum investment required in the new annuity product is £10,000...Flexible Annuities
Hargreaves Lansdown fears Treasury to target basic pension allowance
The basic pension contribution allowance could be the next target in the Government's plans to cut pension relief, according to Hargreaves Lansdown...Hargreaves Lansdown
MGM Advantage set to launch latest annuity product
MGM Advantage, the enhanced annuity provider, has completed its fine-tuning of a flexible asset-backed product in January and is now ready to launch the product...Enhanced Annuities
Medical questions added to Aviva annuity quotes
People looking to take out an annuity with Aviva will now have to answer questions about their health. Merging together the standard plan and the enhanced annuity scheme. Aviva Annuities News...Enhanced Annuities
Aviva shows that more than one in 5 people aged 55 and over live on less than £750 a month
The average income a woman derives from her annuity is £99 a month compared with £151 for the average man. On average, women take out annuities...Pension Annuities
Hargreaves Lansdown profits rise 16% as inflows jump 56%
Hargreaves Lansdown has posted a 16% jump in adjusted pre-tax profits for the six months to end 2009, to £43.1m...Hargreaves Lansdown
Hargreaves Lansdown fears Treasury to target basic pension allowance
The basic pension contribution allowance could be the next target in the Government's plans to cut pension relief, according to Tom McPhail of Hargreaves Lansdown...Hargreaves Lansdown
Just Retirement sales up 26% on strong annuity business
Just Retirement annuity sales have climbed by more than 25% year-on-year, IFA Online reported today. The Equity Release and annuity specialist...Just Retirement Annuities
Shopping around 'can improve annuity income'
Prudential Annuities: Shopping around for annuities using the Open Market Option could prove a very useful option for those seeking such products in the near future, according to one firm. A feature which appears on the Hargreaves Lansdown...Open Market Option
LV Annuities poised to launch fixed term annuity
LV Annuities are poised to launch their much anticipated fixed term annuity product as early as on Monday. IFAs and providers told FTAdviser they expect the arrival of LV's annuity product...Fixed Annuity
Early cut-off dates a threat to annuity applications
Pension providers are warning IFAs of early cut-off dates for new income drawdown and annuity applications in the run up to the April deadline...Income Drawdown and Annuity Application
Hartford Life admits to annuities tax coding errors
An IFA firm has issued a formal complaint to US life insurance giant The Hartford over the incorrect tax treatment of clients who have annuities with its UK subsidiary Hartford Life...Annuities Tax
Older workers 'should not simply opt for default annuities'
Prudential Annuities: It is important that UK consumers look beyond the default annuity products that people's pension providers may offer to them, Sun Life Financial has highlighted...Sun Life Annuities
Consumers 'should research available annuity products'
Prudential Annuities: UK workers who are nearing their retirement should ensure that they take the time to research the annuities that are potentially available to them, according to Rockingham Retirement...Rockingham Retirement Annuities
Just Retirement has reported record annuity sales
Just Retirement reports the majority of sales were in enhanced annuity policy sales which reached £349.3m...Enhanced Annuities
AJ Bell welcomes annuity progress with Conservatives
AJ Bell have welcomed an announcement by the Conservative party that will scrap compulsory annuitisation at age 75 if elected to Government later this year...Compulsory Annuities / ASPs
How to avoid the annuities postcode trap
This can be done buy buying with-profits annuities and flexible annuities, sometimes called variable annuities. The rationale for these annuity products is that...Postcode Annuities
Skandia: Flexible drawdown a hit with pensioners
Pensioners are choosing income drawdown over annuities because of the flexibility it provides, according to a survey by Skandia. The poll of 600 financial advisers found that people are wary of annuities because they want to retain control over their income...Income Drawdown Over Annuities
Annuity rates fell in 2009 and now offer poor returns, latest research shows
Annuity rates fell by an average of over 1.5% in the latter half of 2009 with standard annuities seeing the fastest rate of decline, according to the latest figures to be published. Average annuity rates fell 1.64% in the six months to 31 December 2009, with enhanced rates down 1.33%, while standard rates dropped 2.16%, the Annuity Index from MGM Advantage shows. The index, which tracks the income paid on standard and enhanced annuities...Annuity Rates
Savers, borrowers and pensioners are all vulnerable if figures rise as expected
If an annuity has already been selected and it is fixed, there may be little that can be done to protect against inflation. Anyone approaching retirement has a few more options such as an index-linked annuity which escalates either at a fixed rate or in line with price inflation. The drawback is that they are more expensive than level annuities and will mean starting at a lower level of income but, while the spending power of the level annuity will fall, that of the inflation-linked annuity should remain the same. Another alternative is an unsecured pension...Fixed Annuities
Annuity rates rebound from record lows
'Last year, annuity rates tracked the gilt yields down,ā?¯ said Tim Whiting, director with Alexander Forbes Annuity Bureau. 'There was a slight upturn in gilt yields recently and this is feeding through into higher annuity rates from the leading providers.ā?¯...Annuity Rates
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