21st Mar 2014 16:18
LONDON (Alliance News) - Just Retirement PLC Friday said Marketing and Distribution Director David Cooper bought 65,078 shares at a price of 153.66 pence per share.
Following this transaction, Cooper holds 989,361 shares, which represents 0.1975% of the share capital.
The purchase comes after Just Retirement saw over 40% of its value wiped out in a single day Wednesday, after Chancellor of the Exchequer George Osborne changed pension rules meaning people are not forced to take out annuities after they retire. Annuity providers all fell sharply in the wake of the announcement.
The company issued a statement Thursday in which it welcomed changes. "Proposals to ensure that all consumers will receive guidance at retirement are clearly a positive move in improving customer outcomes. This could suggest an increase in the numbers of customers shopping around using the open market option," Just Retirement said.
Shares in the annuity provider were trading at 140.75 pence, down 3.1%, late Friday.
By Arvind Bhunjun; [email protected]; @ArvindBhunjun
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