Schroders has sold down its stake in beleaguered annuity provider Just Retirement group on Budget day, as Chancellor George Osborne dealt a huge blow to the industry.
In Wednesday's Budget, Osborne unveiled wide-reaching pension reforms, spooking the market by saying "in future, no-one will have to buy an annuity". While insurers including Legal & General suffered falls, annuity specialists Just Retirement and Partnership were worst-hit, each losing nearly half of their market-cap. Schroders, which previously owned 31 million shares or around 6% of the company, sold 5.5 million shares on Wednesday, taking its holding down to 4.1%. Osborne said on Wednesday savers a currently railroaded towards buying an annuity, and promised this would end. "...
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