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Budget 2014: How will your pension change?

George Osborne’s budget contained some radical pension reforms, but for the broader investment ecosystem there is less than meets the eye

By Nick Carn  

Osborne’s Budget is aimed at capturing the valuable pensioner vote

There’s no doubt that the Chancellor’s reform of pensions announced in yesterday’s budget are radical ones, not only from a practical but also from an ideological point of view. Clearly something had to be done. As interest rates have tumbled, so annuity rates have converged on a rate equivalent to a staged return of the pensioner’s capital—minus, of course, the high costs and charges typical of retail financial products. Since only certain sorts of institutions are able to offer annuities a…

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