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Retirement Income Post-Budget - May 2014



    All drawdown limits were vaporised. All product compulsion was annihilated. Single annuities, and those who got rich off them, have been shaken to their very core. Billions of pounds have been wiped off the value of life companies, especially those specialising in annuities.

    But amidst the shock and awe - and in the time before the full reforms come into force - there is optimism. People are thought likely to choose to save more into what had become for some a complex and discredited vehicle; they will certainly welcome the freedom to choose more tailored income options.

    Before the revolution come the questions: what will the product options look like in a year, what are the options in the intervening months, what of the new guidance guarantee to protect against pernicious profligacy among to-be pensioners?

    This special report will elucidate the key questions around the changes, and offer the views of leader commentators and experts on where the market goes from here.

    This special report is sponsored by Aviva. All editorial is independent.

    In this special report


    Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

    1. Which firm’s analysts predicted the individual annuity market would shrink 90 per cent?

    2. Which short-term product development has prompted Ros Altmann to call for a ban?

    3. Why does David Gibson believe one-year annuities are not very client-friendly?

    4. Why does Minesh Patel fear advising clients to buy an annuity now, even if it is the most suitable solution?

    5. How many conversations will be required per day if the government insists on face-to-face guidance, according to Mr Boulding?

    6. How many people in the Unbiased poll said they would pay a £500 contribution to a full advice service in place of guidance?

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