To ask the Chancellor of the Exchequer
(1) what assessment he has made of the effect of the planned changes to pensions on average returns from annuities;
(2) what plans the Government have to ensure that a range of good value financial options are available for those approaching retirement;
(3) what estimate he has made of the effect of the planned changes to pensions on (a) prices and (b) availability of annuities;
(4) what estimate he has made of the effect of the planned changes to pensions on the price of an annuity for those with pension pots worth (a) £10,000, (b) £20,000, (c) £30,000, (d) £40,000, (e) £50,000 and (f) £100,000;
(5) what assessment he has made of the effect of the planned changes to pensions on the availability of an annuity for those with pension pots worth (a) £10,000, (b) £20,000, (c) £30,000, (d) £40,000, (e) £50,000 and (f) £100,000.
At Budget, the Government announced significant reforms to the pensions market, giving people greater choice about how to access their defined contribution pension savings. The Government expect the change to the pensions market to stimulate innovation and new competition in the retirement income market. This new flexibility will help consumers choosing to buy an annuity to get a better deal in a much more competitive market place.
The shape of the market will be driven by the choices consumers make, placing power back into the hands of savers. As retirement changes, many people may opt to buy an annuity later in life, allowing them to benefit from higher annuity rates or at a time that better suits their individual circumstances.
Yes0 people think so
No0 people think not
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