Iain Muffitt, comments on the FCA’s announcement regarding the decline in sales of annuities
M&H Financial Planning Director, Iain Muffitt, comments on the FCA’s announcement regarding the decline in sales of annuities.
The FCA have recently confirmed that sales of annuities have fallen by over 90% since the Chancellor introduced his new pension freedoms. This shows, as expected, that most individuals are taking advantage of the new environment and highlights the need for change in the annuity market place.
Annuities still remain a sensible option for some, although given the uncapped income limits and the ability to leave capital upon death in a more flexible way are obviously attractive.
It is important for individuals to take financial advice on how they should plan and manage their finances to ensure their assets last for their lifetime.
If you would like to discuss this matter with Iain or a member of the financial planning team please contact 0845 828 1000.
Date: 27th October, 2015
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