March 19, 2014 / 2:21 PM / 6 years ago

UK insurers slide on govt plans to scrap annuity rule

LONDON, March 19 (Reuters) - UK insurance companies were hit on Wednesday by government plans to scrap a requirement that pension savings be used to buy an annuity.

Legal & General, Aviva, Standard Life and Prudential were all down between 2.5 percent and 8 percent after UK finance minister George Osborne announced the plans as part of his annual budget.

“It’s the annuity relaxation that is really hitting the insurers,” said Dafydd Davies, senior trader at Prime Wealth Group.

For more on budget highlights, click here: (Reporting by Simon Jessop, additional reporting by Sudip Kar-Gupta; Editing by Alistair Smout)

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