Search
Close this search box.

Annuities in the budget statement

Annuities in the budget statement

In response to the Chancellor’s Budget statement on annuities where George Osborne said, “no one will have to buy an annuity” and “those who still want the certainty of an annuity, as many will, will be able to shop around for the best deal,” Michael Ward, Managing Director of consumer comparison website www.PayingTooMuch.com which currently compares 13 annuity providers for consumers comments: “If an annuity does not get purchased at retirement, our worry is that even the most sensible person will be tempted to spend more of their pension cash than they planned. And as they will have no guaranteed income for life which an annuity does provide, we could see a generation relying on benefits after their pots have run dry.

“Secondly, whilst we really applaud his statement on shopping around for the best annuity, consumers must be given a proper choice, a restricted choice would still be detrimental. Today, the current practice of some intermediaries and websites is to offer quotes from only half the annuity providers, i.e. 6 or 7 rather than comparing 12 or 13 providers which presents a real choice.”

Read more

Latest News

Read More

A Four-Day Working Week in the Construction Industry?

29 March 2024

Newsletter

Receive the latest HR news and strategic content

Please note, as per the GDPR Legislation, we need to ensure you are ‘Opted In’ to receive updates from ‘theHRDIRECTOR’. We will NEVER sell, rent, share or give away your data to third parties. We only use it to send information about our products and updates within the HR space To see our Privacy Policy – click here

Latest HR Jobs

University of Warwick – WMGSalary: £23,144 to £25,138 per annum

The Open University – People ServicesSalary: £57,696 to £64,914 + up to £8,000 per annum MRP supplement*

Cardiff UniversitySalary: Competitive

University of Oxford – Oxford Department of International DevelopmentSalary: £28,759 to £33,966 (Grade 5)

Read the latest digital issue of theHRDIRECTOR for FREE

Read the latest digital issue of theHRDIRECTOR for FREE