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.
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Revolution Not Evolution: AE for GIP

In a landmark series exclusive to Actuarial Post, Canada Life’s Paul Avis sits down with Editor Ellie Burns to put forward his ground-breaking argument on automatic enrolment for GIP. In the first of three Q&A’s, Paul highlights why AE for GIP is so urgently needed for the market, individual and employer and why it should be regarded as the priority benefit.

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.

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