Legal & General predicts annuity sales to shrink by 75%

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Legal & General (L&G), one of the country's largest annuity providers, has said it expects to see revenues from annuity products fall by three quarters by the end of 2015 following a sweeping reform of the sector.

Speaking after last week's Budget - which outlined a major overhaul of the annuities market, effectively removing the requirement to ever purchase one - L&G's group chief executive Nigel Wilson sai...

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