Standard Life's decision to pull out of the open annuity market makes the space "less competitive" and adds another nail in the coffin of the "vilified" product, according to Intelligent Pensions.
Standard Life has become the latest provider to pull out of the open annuity market since the introduction of pension freedoms last year, adding to a list that also includes Aegon, Friends Life, Partnership Assurance and Prudential. In a statement, Standard Life said: "In light of the significant changes in the retirement market since the introduction of pension freedom, we took the decision to stop making our annuities available on the open market. "Customers can still buy annuities from Standard Life through our external annuity panel. Our own pensions annuity is still available to ...
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