Pensions Minister keeps up pressure on Annuity industry

Steve Webb 1Steve Webb, the Government’s Pensions Minister, has continued to build up pressure on the Annuity industry, saying yesterday that “Annuities need a rethink.” The latest intervention from Mr Webb comes on the back of comments he made earlier in the month promoting the idea of a switchable Annuity, which would allow pensioners to change their Annuity provider much like someone might do with their mortgage or credit card. Annuity reform? A Lifetime Annuity, often simply referred to as an Annuity, is used ...