TIDMPA.

RNS Number : 2186T

Partnership Assurance Group PLC

01 October 2014

1 October 2014

Partnership Assurance Group plc

(the "Company")

Pensions Tax Announcement Update

The Company notes the latest proposals regarding tax changes to pensions and annuities made by HM Treasury. In particular, the Company welcomes the fact that, under the proposed changes, lump sum death benefits on annuities will be treated in the same way as a drawdown contract.

Commenting, Steve Groves, CEO of Partnership, said: "We welcome the clarification around the proposals and particularly that the tax treatment of annuities will be equivalent to drawdown, which creates a level playing field for customers and providers. We also welcome the assessment by HM Treasury that "The Government is clear that annuities will remain the right choice for many at some point during their retirement, and believes that many people will still value the security of an annuity."

"As we have previously noted, the main beneficiaries of this change will be more affluent retirees but we anticipate little change for most of our potential customers given the average pot used to purchase one of our enhanced annuities is around GBP60,000. As a result, we do not expect a material impact to our business from the proposed changes. We continue to believe that annuities are the most appropriate product for many people."

Enquiries

 
 Investors:                           Media: 
-----------------------------------  ---------------------------------------------------- 
 Katherine Jones                      Jim Boyd                         Citigate Dewe 
  Director of Investor                 Director of Corporate            Rogerson 
  Relations                            Affairs                          Michael Berkeley, 
  +44 (0) 207 444                      +44 (0) 207 444                  Grant Ringshaw 
  8040                                 8088                             +44 (0) 207 
  katherine.jones@partnership.co.uk    pressoffice@partnership.co.uk    638 9571 
-----------------------------------  -------------------------------  -------------------

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