Category: annuity & pensions & Uncategorized
The regulator will carry out a "forensic" analysis of a large sample of sales from all of Britain's major insurers, with a primary focus on whether those customers entitled to 'enhanced' annuities were recommended them.
Category: annuity & savings & Uncategorized
Retirement Advantage is warning that more work is needed to ensure people understand the benefits of the new annuity products available following the introduction of the pension freedoms in April.
Category: annuity & retirement & Uncategorized
An annuity is a regular monthly income source that savers, largely from private sector companies, receive at retirement in exchange for their lifetime pension savings. Now George Osborne has said that around five million pensioners, who have used their retirement savings to buy an annuity, will be allowed to sell it for a cash sum after March 2016 and consultation has begun on how a second-hand annuity market might operate and be regulated.
Category: annuity & pensions & savings & Uncategorized
The Chancellor, George Osborne, has confirmed that from April 2016, some five million existing annuity holders will be given the right to sell their annuity in return for a lump sum. The move should give those pensioners who are already locked into potentially poor-value annuities the same freedoms as those retiring after April 2015, who will be able to spend their savings as they wish. Like any other saver taking cash out of their pension, the money will be subject to tax at their marginal rate – that is, the highest rate of income tax that they pay.
Category: annuity & Budget & Uncategorized
Proposals announced in the recent Budget confirmed that up to five million pensioners are to be given the new flexibility to trade in their annuities for cash from next year. As part of this change, the Government has launched a consultation on plans to open a secondary market in annuities in 2016, which would give savers a new option to sell their annuity income to the highest bidder, who might include insurers and pension funds.
Category: annuity & financing & Long term care & retirement & savings & Uncategorized
