Annuities and Income Drawdown - UK - August 2019
Covered in this report
This report examines the UK market for annuities and income drawdown which are aimed at DC pension savers.
Under current legislation, DC pension holders can access their pension savings from the age of 55 and have the freedom to choose how and when they draw on it. They can take up to 25% of their pension tax-free and then choose how they draw the rest, which will be subject to income tax above the marginal rate.
“The changes brought about by Pension Freedoms legislation have been so significant that regulators and providers are still adjusting to them just over five years since first being announced in the 2014 Budget. Although there have been few major innovations in the market, product development activity could increase in the coming years now that a firmer regulatory framework is finally coming into place.”
– George Zaborowski, Senior Financial Services Analyst
This report looks at the following areas:
- Pension Freedoms went too far too quickly
- Most have given up on professional advice just when they need it most
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