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UK annuity reforms may squeeze insurers' appetite for illiquid assets

Insurers' appetite for investments in infrastructure and property is expected to fall following announcements in the UK Budget that are seen as damaging to their annuity business

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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

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