Pension reforms give Old Mutual Wealth sales a lift
The UK pension reforms have caused the demand for financial advice to rise significantly, according to Old Mutual Wealth.
Annuity
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Old Mutual Int’l posts solid start to 2015
Old Mutual International, which rebranded from Skandia International last December, has reported a strong pick up in business for the first quarter of 2015.
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UK annuity rates drop to ‘all-time low’
Standard annuity rates have fallen to an all-time low, just three weeks after the new UK pensions regime came into force.
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Cash drawdown favoured option in UK pension reforms
Major UK pension providers have reported a surge in customer inquiries following the new rules governing access to their savings with most seeking to drawdown some of their cash.
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FCA to make annuity providers rank their products
Annuity providers in the UK will be required to rank their product against their competitors in order to help consumers find out if they can get a better deal by shopping around.
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UK govt kicks off annuity sale market
The UK governments last budget before the election revealed plans to extend its pension reforms to allow existing annuity holders to sell their contracts from 2006, offered a range of new incentives to save and tightened rules on tax avoidance.
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The UK govt creates secondary annuities market
The UK government will remove tax restrictions on people who want to sell the income stream from an existing annuity from 6 April next year, effectively giving them similar freedoms as those soon to be enjoyed by those in defined contribution savings plans.
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Life companies welcome UK annuity resale plans
UK life companies have cautiously welcomed an announcement by UK chancellor George Osborne to give up to five million current pensioners the right to swap their annuities for cash in this week’s budget due on Wednesday.
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Annuity resale plans reportedly in discussion
Millions of UK pensioners may be granted the ability to sell their existing annuities for cash as ministers serious consider introducing the flexibility in next weeks Budget, the Financial Times reports.
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Canada Life agrees to take on Equitable annuities
Equitable Life has reached an agreement to transfer 31,000 annuities, valued at around £875m ($1.35m, 1.2m) , to Canada Life in a bid to release capital for distribution to its long-suffering with-profits policy holders.
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Axa Wealth to launch reform ready pension plan
Axa Wealth is to capitalise on the upcoming UK pension reforms by launching a plan which combines the benefits of an annuity and an income drawdown product.
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Opportunity to be found in pensions sector
The pensions changes announced in last years budget have already resulted in plummeting annuity sales in the UK market and a host of new products, but according to a new white paper by Altus, the continued lack of understanding around pensions represents a significant opportunity for advisers.