Annuities

Legal & General Investment Management reported inflows of £3.8bn in the first quarter of 2014, down 19% from the same period last year, while individual annuity sales also tumbled.

Retirees receiving financial 'guidance' via the government's 'right-to-advice' promise outlined at Budget 2014 will also be told how long they are likely to live to help inform their decision about what to do with their retirement savings, Steve Webb...

Legal & General, 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.

LEADER

Hargreaves Lansdown's chief executive Ian Gorham has said the reform of the rules around annuities in the 2014 Budget is long overdue, and could well spell the end for standard annuity products.

ANNUITIES

Yesterday's Budget effectively removed the requirement to ever purchase an annuity, causing shares in listed providers to drop over 50%, but is there value in the sector after such a monumental sell-off?

Enhanced annuity provider Partnership has reported a 24% increase in group pre-tax profits of £83m for 2013, up from £67m the previous year but new business was down year-on-year, latest results show.

The Financial Conduct Authority (FCA) has discovered poor practice on all annuity price comparison websites, with 12 out of 13 found to have breached TCF rules.

The conduct of pension providers' annuity sales teams will form a large part of the Financial Conduct Authority's (FCA's) continuing investigation into the retirement income market.