"British savers will be given more access to their pension pots and allowed to put away more money tax-free, in what the UK finance minister said was the biggest shake up in pensions in nearly a century. George Osborne [announced] that retirees will not have to buy annuities and be allowed to take more money from their pension pots as a lump sum ... Consultants KPMG called the proposals 'a game changer for the insurance industry', which could now face lower volumes of new business in a 12 billion pound a year market as demand for their annuity products falls away."