Annuity margins at insurer Standard Life were down 59% in the first half of the year due to the sweeping changes to retirement income announced in the Budget, latest results show.
The company said while UK operating profit was up 4% to £165m - compared to £159m in the first half of last year - the margin from UK annuity new business said was 59% lower. However, it added its ...
To continue reading this article...
Join Professional Pensions
Become a Professional Pensions Lite Member today
In just a few clicks you can start your free Professional Pensions Lite membership, providing you access to:
- Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
- Receive important and breaking news stories via our two daily news alerts
- Hear from industry experts and other forward-thinking leaders
Are you a trustee, investment consultant or in-house pension and benefit scheme professional? You can apply for full complimentary access here
