Annuity Armageddon?

The jaw dropping changes announced by the Government to the UK retirement income market in this year’s Budget certainly caught the industry by complete surprise. In the consultation document entitled, ‘Freedom and choice in pensions’, the Treasury outlined its vision of a more flexible pensions system that will foster and encourage a culture of savings by offering consumers unfettered access to their pension fund. So from next April there will be no restrictions on a consumer’s ability to draw down funds from their Defined Contribution (DC) pension pot from age 55 and the tax rules will be drastically simplified to allow that to happen.

Threats must be confronted

Over the past decade, the financial sector has increased its reliance upon technology at an incredible rate. In contemporary business, the processes and interactions undertaken by investors, managers and between institutions are almost unrecognisable from even five or ten years ago. Whilst such technology continues to become more proficient, the threats and security considerations that must be confronted by firms also do, such threats can be both large and small.

What took you so long, George?

With the now well quoted “Let me be clear: no one will have to buy an annuity” the Chancellor focused post Budget commentary on the anti-annuity theme, and the eye watering reaction of insurer share prices following the announcement. The upheaval detracted from the broader more positive message underpinning his proposed pension reforms, which is that properly advised consumer choice will lead to better outcomes for people in their retirement.

Are you championing digital?

Latest World News

Wed, 23 Jul 2014 Dutch mourn as first MH17 bodies arrive in Netherlands
Wed, 23 Jul 2014 Gaza bloodshed deepens as airlines shun Israel
Wed, 23 Jul 2014 Chinese president ends regional tour in cradle of Cuban Revolution
Wed, 23 Jul 2014 Islamic State says carried out Baghdad suicide bombing
Wed, 23 Jul 2014 Daimler says has more to do on costs after solid results
Wed, 23 Jul 2014 Plane with first coffins of Malaysian airliner victims leaves Ukraine
Wed, 23 Jul 2014 GlaxoSmithKline warns on profits as lung drug sales flag
Wed, 23 Jul 2014 Bank of England eyes wage puzzle as it mulls when to raise rates
Wed, 23 Jul 2014 UK retail sales growth quickens in July - CBI
Wed, 23 Jul 2014 Bank of Spain sees GDP growth picking up to 2 percent in 2015

Lifestyle Actuary

The trappings of fast paced city lifestyles rarely take into account the charm and elegance that a room, a dinner or a cup of tea can afford; characteristics lost to a by-gone era of debutante balls and black tie for dinner.

The Luddite

Sam Richardson looks into the up and coming and the outgoing of the technology and gadgetry world in 2014.

Travelling Actuary

This month Travelling Actuary Eve Hartridge takes us to Greece's very own Emerald Isle located in the heart of the Ionian Sea, Corfu.

Site Search

Exact   Any  

Latest Actuarial Jobs

Digital Magazine

  Auto-enrolment for GIP

OUT NOW

Actuarial Post's Digital Magazine Issue 38

Exclusive interview: - Dutch Inspiration: Auto Enrolment for Group Income Protection

Click the image above to view. Click here to receive your future copies of our monthly magazine

Author Companies

Actuarial Jobs & News Feeds

Jobs RSS News RSS