Blog: Did George Osborne just kill the annuity market?

No one will have to buy an annuity, the Chancellor of the Exchequer has decreed.

Jenna Towler
clock

No one will have to buy an annuity, the Chancellor of the Exchequer has decreed.

His radical reforms to the retirement income market came right at the end of his fifth Budget speech and went on for quite a while, taking much of the industry by surprise. Within moments of the impact being heard and understood, commentary started rolling in, stating the annuity market was effectively dead. Skandia retirement planning manager Adrian Walker's quote was headed up "RIP forced annuities", in fact. In his speech, the Chancellor said flexibility had been brought to the retirement income market but most people still ‘have to take an annuity', suggesting they cannot be trust...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Retirement

Partner Insight: The psychology of retirement

Partner Insight: The psychology of retirement

Bridging the advisers-clients gap: How emotional intelligence can help build deeper trust with clients and better understand their financial goals

James Woodfall, Raise Your El.
clock 15 September 2025 • 1 min read
Managing drawdown risk: A new frontier in retirement planning

Managing drawdown risk: A new frontier in retirement planning

'Volatility alone is no longer a sufficient risk measure'

Matthew Wright
clock 29 August 2025 • 4 min read
Sounding the alarm: Facing the retirement reality check

Sounding the alarm: Facing the retirement reality check

'At the heart of the issue is a worrying lack of engagement'

Laith Khalaf
clock 17 June 2025 • 3 min read