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The UK annuities market could decline by up to 75% after the recently announced changes to compulsory annuity purchase come into effect, according to PwC analysis supported by a new consumer survey.
A senior FCA figure has warned against predictions of doom about the annuities market following the radical pension reforms announced in the Budget.
Sales of annuities fell by 16% last year, newly released figures from the Association of British Insurers have shown.
The Government has a role to play in fixing the failing annuities market, the Financial Services Consumer Panel says, following a damning FCA report published today.
The FCA's review of annuities fails to go far enough and will be too slow to help thousands of retirees, a pensions director says.
The FCA is to launch a competition market study after concluding that the annuities market is failing consumers.
Customers with drawdown pensions at Standard Life have amassed £10bn in assets under administration, suggesting the schemes are becoming a serious alternative to annuities.
Hargreaves Lansdown has detailed a five point action plan to reform the retirement planning sector following the widespread criticism of the annuity market by the Financial Services Consumer Panel this week.
The Financial Services Consumer Panel has called for urgent change in the "non-advice" annuity market which it says "does not work well for the majority of consumers."
Many current pensions will fail to reach their target, leaving pensionholders at the mercy of the annuity markets and stranded with inadequate pensions, warns a new report.
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