The pensions industry took a battering on the stock market yesterday, with hundreds of millions of pounds wiped off their value after George Osborne scrapped compulsory annuities for pensions in the Budget, meaning people can now invest in property and equities for their old age to their heart's content, which has the potential to inflate the nascent house price bubble even further. Given the pasting companies have taken, the chancellor’s rather grand claim that this is the biggest shakeup of pensions since 1921 could well be true.
Here’s how they fared up to the close (not all of them very well...)
1. Partnership Assurance: 143.2p / -55%
2. Just Retirement: 154.8p / -42%
3. Legal & General: 205.4p / -11%
4. Aviva: 486.7p / -5.9%
5. Prudential: 1,325.45p / -3.2%
6. Standard Chartered: 1,180.5p / -1.4%
On the other side of the (new 12-sided £1) coin, Hargreaves Lansdown have down pretty well out of today, as investors rub their hands in glee at the prospect of more people saving for their old age with the asset manager and putting their yearly £15,000 ISA allowance into shares.
7. Hargreaves Lansdown: 185p / +14%