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Budget 2014: George Osborne unveils pensions shake-up

The chancellor today has launched the biggest change in a generation to rules on saving for retirement

By Andy Davis  
George Osborne leaves Downing Street before delivering the 2014 Budget

The 2014 budget played well with the media. © Matt Crossick/Matt Crossick/Empics Entertainment.

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There are at least two big implications from George Osborne’s Budget announcement that annuities will no longer be the only practical choice for most people looking to secure an income in retirement.

The first is obvious and concerns incentives. Critics have been warning for a while that very poor income levels from annuities—thanks to ultra-low interest rates—and the fact that the rules effectively compel most people to use their pension fund to buy an annuity add up to a fatal combination. Savers…

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