Annuities

What are schemes doing to get ready for 6 April?

The cut in the lifetime allowance will hit more than just high earners, says Nick Griggs

The TUC’s Tim Sharp says choice is not always a good thing

So Budget day was another busy day for the PP team with further cuts to the lifetime allowance and plans for a secondary annuity market unveiled.

The big news in UK pensions this week was the Budget. If you've managed to avoid hearing about it, or were just waiting for PP's edited highlights, here's what you might have missed.

The government has admitted it is possible no secondary market for annuities will develop if buyers were unable to price the risk of such purchases correctly.

Chancellor George Osborne has launched a consultation on extending pensions freedoms to pensioners who have already bought annuities.

The FCA banned the sale of traded life policy investments to mass market retail investors - claiming they are ‘toxic' products that pose significant risks to investors. A market in second hand annuities will pose similar risks.

What will the be the major developments for pensions?

There is a risk that pensioner poverty will increase after the implementation of freedom and choice from next month, according to a leading think tank.