Hard-hit annuity providers Just Retirement and Partnership Assurance to create £1.6bn group
Two specialist insurance groups caught up in George Osborne’s radical shake-up of the annuity market in last year’s budget, have announced a merger plan to create a £1.6bn group.
Just Retirement and Partnership Assurance, both companies 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, which come into force next spring, give people more freedom to do what they want with their saved retirement money.
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