Savers move ‘could price out OAPs’

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Pensioners could be “priced out” of buying an annuity as a result of the radical reforms to retirement savings announced in the Budget, a respected economic think tank has warned.

George Osborne made incentives for savers and pensioners the centrepiece of his Budget statement.

But the Institute for Fiscal Studies said there would be losers from the package, with those wanting the long-term security of an annuity among those hit.