Annuities: Government plans reform to end Annuity ‘lottery’

Goverment plans reform to end Annuity lotteryIn a wide ranging interview with the Telegraph, the Pensions Minister, Steve Webb, has proposed changes to address the Annuity “lottery” as well as the “murky” practices of insurance companies. Mr Webb told the Telegraph that he would like pensioners to be able to switch to a better paying Annuity  during retirement. At the present, once an Annuity has been bought it can never be changed, leaving some pensioners getting ...

Our financial wish list – 6 things we’d like to see change in 2014

Our financial wish list  6 things we’d like to see change in 2014 150pxThe financial landscape seems to change quicker than ever these days. Some changes will make you better off, others will cost you money, some will make your life simpler, others will make it more complex. We’ve put our thinking caps on and come up with six changes we’d like to see in 2014, which would make many people better off, whilst increasing fairness and transparency. Do you agree with us? What would you like to see changed? Leave ...

MP backs Open Market Option campaign

Campaign for Annuity reform gathers paceThe calls for change to the existing Open Market Option system have received a boost with Tory MP Harriet Baldwin backing the case for reform by scheduling an amendment to the Pensions Bill. The Open Market Option allows pension savers to shop around for their Annuity, potentially getting a much better income than if they were to buy an Annuity from their existing pension provider. However, not everyone does use a pension Annuity calculator to shop around for the best Annuity or ...