• PENSIONSANDSAVINGS.COM

    From Ros Altmann:economist and pensions,
    investment and retirement policy expert

  • pensionsandsavings.com

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    Category: Annuities and Income Drawdown

    ABI annuity and drawdown sales

    ABI annuity and drawdown sales

    11 September 2014 Budget reforms drive massive move away from annuities and into income drawdown ABI figures show 50% year on year fall in annuity sales and >50% rise in income drawdown which carries high fees Fall in annuity sales would be even greater if pension firms allowed customers to use the new freedoms properly Pension providers still failing to put customer interests at the heart of their business The Association of British Insurers has just released figures that show…

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    Man with cancer gets his money back after annuity mis-selling

    Man with cancer gets his money back after annuity mis-selling

    4 August 2014 Standard annuities assume purchasers are in good health – selling them to someone with heart trouble and cancer is unjustifiable. Treating Customers Fairly requires protection against such annuities mis-selling. I challenge providers and regulators to justify selling annuities without clear risk warnings or suitability checks. The case of Mr. Wayne Davies vividly highlights the injustices of the UK annuity sales process.  It is the worst case I have seen of the UK annuity system failing its customers.  While…

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    Pension freedom starts – now people will need advice

    Pension freedom starts – now people will need advice

    26th March 2014 Pension flexibility begins – at last more freedom, but advice needed  Buying standard annuity was like only insuring your house against fire – no help if you’re flooded or burgled  Wealthiest already have the opportunities introduced by the Budget – it’s right to give same freedom to all Pensions more attractive now:  The debate around the advantages and disadvantages of the Budget pension reforms is still raging.  Make no mistake, these reforms are a game changer.   Notwithstanding…

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    Pensions and savings revolution! My wishlist comes true

    Pensions and savings revolution! My wishlist comes true

    19 March 2014 Unbelievable news – pensions and savings revolution So much of what I’ve been calling for is suddenly happening – exciting or what? Pensions and ISAs more flexible, limits more generous – a Tory votewinner After so many years of waiting for good news, suddenly so much comes at once.  Like the proverbial Number 13 buses, a whole raft of policies has all come at once – and they are good news. It’s also a brilliant Budget for Tory election prospects of…

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    Budget wishlist for pensions and savings

    Budget wishlist for pensions and savings

    17 March 2014 A Budget wishlist for pensions and savings Exempt savings interest from tax for two years Or allow full ISA allowance in cash Allow small pension funds to be taken as cash Relax restrictions in capped drawdown to allow for ill-health Introduce new incentives to save for long-term care – ISA savings set aside for care could pass on free of inheritance tax if not spent Stop meddling with pension rules What might the Chancellor do to address the…

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    ABI promises to improve annuity selling practices

    ABI promises to improve annuity selling practices

    10 March 2014 Media Pressure forces ABI to make more promises to treat customers better Annuity Customers need action now – not waiting yet another year Regulator needs to act quickly to ensure proper protection, not self regulation ABI has promised to treat annuity customers better for years – still not happening in too many cases:  I’m pleased to see that the media pressure is helping the ABI to realise that it must ensure that its members improve the way annuities are…

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    FCA Review

    FCA Review

    14 February 2014 FCA Review is welcome but customers need urgent action not another review More delays mean more consumer detriment as companies sell unsuitable annuities to customers who do not understand the complex issues and jargon Need suitability checks and ban commission for all annuity sales to remove bias against advice The FCA’s Thematic Review of Annuities is certainly welcome.  Its findings that the market is not working well are hardly a surprise, given the extent of media coverage…

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    FCA annuities review preview

    FCA annuities review preview

    12 February 2014 FCA Annuities Review is bound to find serious failings  Annuities scandal must be ended to ensure better value pensions Annuities are sold as a ‘no-risk’ product, suitable for all but are actually high risk for those who buy unsuitable, irreversible pension income The FCA must act urgently as Treating Customers Fairly is about more than just ‘shopping around’ Providers must make suitability checks, give risk warnings and fair charges – currently they are not bothering to check and…

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    Are annuities fit for purpose?

    Are annuities fit for purpose?

    2 February 2014 Last week, there was an important debate in the House of Lords, organised by Baroness Sally Greengross, head of ILC-UK, sponsored by Legal and General and attended by annuity providers, brokers, advisers and consumer groups.  The topic was ‘Are Annuities fit for Purpose?’ On the panel were Tim Gosden and Kerrigan Proctor of Legal and General, Dan Hyde from the Daily Telegraph, Sue Lewis of the Financial Services Consumer Panel, Tom McPhail of Hargreaves Lansdown, Jane Vass…

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    Campaign for Annuities Reform

    Campaign for Annuities Reform

    19 January 2014 Sunday Times calls for urgent action to address annuities market Please sign the petition to call for reform – You can sign here: https://www.formstack.com/forms/?1662003-GfcIepCLc4 More than 1000 people every day at risk of buying the wrong annuity and thousands of widows will lose out It’s great to see the Sunday Times running a campaign for annuities reform.  This huge market is not working well for its customers and reform is required quickly. Many people just buy the…

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