Deloitte comments on “tradable” annuities market ahead of Budget 2015
13 March 2015
Andrew Power, partner, Deloitte:
“This second wave shake up of the pensions industry would grant the 5-6 million current annuitants freedom to sell or swap their existing annuities in a ‘tradable’ market. As such, far more people could be immediately affected than the 500,000 people retiring over the next year who will benefit from the previously announced pension freedoms that come this April. Pension freedom, as we have already seen, is likely to drive up demand for advice. A ‘tradable’ annuity market could drive up demand still further. Whilst this new flexibility might be welcomed by those who feel they were “forced” to buy an annuity, questions remain about its operation, regulatory framework, but most importantly for the pensioner, whether it is a good thing to do.”
Notes to editors
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.
The information contained in this press release is correct at the time of going to press.
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