Budget 2015: The industry responds

While not as earth-shaking as last year's historic gamechanger, yesterday's Budget included two important moves – the creation of a secondary annuity market and lowering the lifetime allowance to £1m from £1.25m.

This year's Budget was anticipated defensively following the sweeping reforms that were sprung on the industry last year. 

But unlike in 2014, the two main changes appeared in the press before the big day. On Monday, The Sun revealed George Osborne's intention to co-opt the plans laid out by both the Liberal Democrats and Labour to reduce the lifetime allowance.

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