Non-advised brokerage firm Annuity Line is planning to make job cuts after radical reforms announced by Chancellor George led to a 50 per cent drop in sales.
Billy Burrows, who was previously head of business development, has already left the firm to set up his own retirement consultancy business, ‘Retirement Intelligence’.
Annuity Line chief executive David Slater says the company has already cut 12 roles from its administration function and is reviewing the remaining 55 positions within the business.
He says: “The Budget announcement shocked the entire industry and as a result we are reviewing the products we sell. Annuity sales are down by about 50 per cent since the Budget but I believe that, in the long-term, there will still be demand for secure retirement income products.
“We let around a dozen administration staff go about a month ago and we are reviewing how many people we will need in the future.”
Burrows, a well-known media commentator on pensions, says his new firm will help providers with product development.
He says: “I have some interesting plans about how to provide individual clients with help, guidance and advice about the new retirement options.
“I will also be helping professional advisers and product providers develop their propositions for next year.”