Insight
Title:
The 2014 budget provided the biggest shakeup of retirement savings in a generation
Description:
Retirees are no longer compelled to take out an annuity.
Just retirement saw a 50% decline in annuity sales in q1 and announced a £14m cost savings drive. Partnership launched a 1 year get out clause if annuitants can get a better deal elsewhere.
Standard life, and legal and general have both said that annuity sales were down. Specialist annuity firm MGM is cutting almost a third of its 250 strong workforce.
Aviva saw new business fall 22 percent as a result of the shakeup / mainly due to the sale of annuities. City AM 16 May 2014.
PESTEL:
Political
Five Forces:
Rivalry