Here’s an interesting statistic. According to Fidelity, annuity sales are down 50% this year. You might think this isn’t that surprising. After all, we heard in the last budget that there were to be huge changes to the pension system. And a paper this week from the new financial secretary to the Treasury, David Gauke – Freedom and Choice in Pensions – effectively called time on the old annuity system in the UK. From next year, everyone should be able to withdraw money from their pension after the age of 55 as and when they like (subject to income tax [...]
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