Partnership Assurance Group PLC Pensions Tax Announcement Update (2186T)
02 October 2014 - 1:52AM
UK Regulatory
TIDMPA.
RNS Number : 2186T
Partnership Assurance Group PLC
01 October 2014
1 October 2014
Partnership Assurance Group plc
(the "Company")
Pensions Tax Announcement Update
The Company notes the latest proposals regarding tax changes to
pensions and annuities made by HM Treasury. In particular, the
Company welcomes the fact that, under the proposed changes, lump
sum death benefits on annuities will be treated in the same way as
a drawdown contract.
Commenting, Steve Groves, CEO of Partnership, said: "We welcome
the clarification around the proposals and particularly that the
tax treatment of annuities will be equivalent to drawdown, which
creates a level playing field for customers and providers. We also
welcome the assessment by HM Treasury that "The Government is clear
that annuities will remain the right choice for many at some point
during their retirement, and believes that many people will still
value the security of an annuity."
"As we have previously noted, the main beneficiaries of this
change will be more affluent retirees but we anticipate little
change for most of our potential customers given the average pot
used to purchase one of our enhanced annuities is around GBP60,000.
As a result, we do not expect a material impact to our business
from the proposed changes. We continue to believe that annuities
are the most appropriate product for many people."
Enquiries
Investors: Media:
----------------------------------- ----------------------------------------------------
Katherine Jones Jim Boyd Citigate Dewe
Director of Investor Director of Corporate Rogerson
Relations Affairs Michael Berkeley,
+44 (0) 207 444 +44 (0) 207 444 Grant Ringshaw
8040 8088 +44 (0) 207
katherine.jones@partnership.co.uk pressoffice@partnership.co.uk 638 9571
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