Pensions - Articles - ABI publishes 2014 Q2 annuity figures

 Commenting on the figures, Yvonne Braun, Head of Savings, Retirement and Social Care, ABI, said:

 "The 2014 pension reforms radically overhauled the pensions market. This ABI data provides a useful analysis of the immediate choices customers have made following the Budget. It suggests customers with smaller pots have immediately started to use the new freedoms to take their cash lump sum, which is something the industry has campaigned for. The data also shows where customers with small pots choose to annuitise they are increasingly taking enhanced annuities.

 "Although It is too early to determine how customer behaviour will continue to evolve between now and when the Budget reforms come fully into effect in April 2015, there are still a significant number of savers who will want the regular income provided by an annuity. We would expect that many will choose to annuitise later as a result of the new measures."

 A full breakdown of the latest annuity figures can be found in our annuity factsheet on the UK retirement income market post-Budget.