tough-hit annuity providers Just Retirement and Partnership Assurance to create £1.6bn group Two specialist insurers caught up in George Osborne’s shake-up of the annuity market in last year’s budget absorb announced a merger contrivance to create a £1.6bn group.
Just Retirement and Partnership Assurance,both involved in the annuities market, lost half their market capitalisation last year when the chancellor changed the rules to give retirees greater flexibility over pensions. The new rules, and which come into force next spring,give people more autonomy over their retirement savings.
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Source: theguardian.com