Warning over 'burden' of reformed pensions
The Treasury has dismissed warnings that pensioners could be left at greater risk from 'poor decisions' following the major reforms to retirement savings announced in yesterday's Budget.
Pensions providers' shares take a hammering
Pensions providers and insurers have taken a hammering on the stock market as investors counted the cost of George Osborne's "Budget for savers".
In a session when the FTSE 100 Index ended 32.2 points lower at 6,573.1:
- Legal & General dropped 19.3p, or 8%, to 211.2p
- Aviva fell 26.6p, or 5%, to 490.4p
- Standard Life declined 11.4p, or 3%, to 354p.
- Prudential slid 29p, or 2%, to 1,339.5p
Meanwhile on the FTSE 250, Partnership Assurance, which provides enhanced annuities for people with lower life expectancies, lost more than half its value, plummeting 176.2p, or 55%, to 143p.
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Pension reforms based on 'highly uncertain assumptions'
The pension changes announced in the Budget yesterday are a risk and based on "highly uncertain assumptions", according to a think tank.
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Reforms could leave pensioners at risk, critics warn
Critics warn the major changes to retirement savings could leave pensioners short if they don't make the right decisions.
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Legal & General boss welcomes Osborne's pensions reform
The annuity provider welcomed the Chancellor's pensions changes despite the firm's share price dropping 8% after the Budget announcement.