UK annuity reforms may squeeze insurers' appetite for illiquid assets

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The UK government's plans to reform the pensions market will reduce annuity providers' risk appetite for long-dated, illiquid assets, say market participants. Chancellor Osborne announced a series of changes in his Budget speech on 19 March designed to give workers enrolled in a defined contribution pension scheme greater control over their money on retirement. The flagship announcement was the scrapping of the 55% tax levied on retirees who opt to withdraw their entire pension pot at retirem

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