![]() |
Commenting on the Government’s U-turn on secondary annuities, Douglas Anderson, Partner at Hymans Robertson said: “This is good news for consumers. While some retirees may feel a sense of disappointment as they feel trapped in a product they didn’t want to buy, in reality, getting value for money from cashing in annuities would have been a tall order. With freedom to sell came the risk of making poor decisions. There simply would not have been enough protection in place for consumers come April. |
“While it’s good news for consumers, in the short-term it may not be such great news for insurance industry which could not afford to assume a U-turn was a possibility. Many were busy designing new processes to cater for annuitants considering selling their annuity. Others have been taking greater steps to prepare. For example, some manufacturers and distributors of enhanced annuities were hoping to repurpose their health based underwriting models to assist with pricing. Others were hoping to buy second hand annuities to hold as an asset against new annuities being sold.
“On balance though this news should be welcomed. Creating an open, secondary market for selling on annuities would have been no small undertaking and the risk to consumers, and by default insurers, would have been high.” |
|
|
|
Calling all BPA analysts! | ||
North West / hybrid 50/50 - Negotiable |
Principal Actuary - Bermuda | ||
Bermuda - Negotiable |
Financial Planning & Analysis Actuary | ||
London/Hybrid - Negotiable |
Apply Your Doctorate to Technical Pri... | ||
Fully remote / nationwide / hybrid working options all available - Negotiable |
Senior Investment Manager | ||
London / hybrid - Negotiable |
P&C Consultant | ||
London / hybrid 3dpw office-based - Negotiable |
Senior Pricing Actuary | ||
London - £140,000 Per Annum |
Actuarial Pensions Manager | ||
Flex / hybrid 2-3 dpw office-based - Negotiable |
Financial Reporting in beautiful Bermuda | ||
Bermuda - Negotiable |
Principal Risk Analyst - island adven... | ||
Bermuda - Negotiable |
Make a difference within BPA Administ... | ||
North West / hybrid 50/50 - Negotiable |
GI Provisioning in the Public Sector | ||
London or Edinburgh / hybrid 3 dpw office-based - Negotiable |
Associate Actuary - Risk Transfer Con... | ||
Flex / hybrid 50/50 - Negotiable |
Assumptions Actuary | ||
London/Hybrid - Negotiable |
Senior Actuary | ||
London/Hybrid - Negotiable |
Senior Investment Trainee | ||
London or Edinburgh / hybrid 50/50 - Negotiable |
Pensions Manager | ||
Any UK office / hybrid 2 dpw office-based - Negotiable |
Actuarial Reserving Senior Manager | ||
London / hybrid - Negotiable |
Senior Actuarial Consultant – GMPe | ||
Any UK Office location / Hybrid working - Negotiable |
Senior Life Actuarial Consultant | ||
London / hybrid 3 dpw office-based - Negotiable |
Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.