QNB Annuities Changes Working Group

The UK annuity market has seen a resurgence in recent years, prompting renewed attention to the Criterion Standards that underpin annuity processes. This has led to a series of proposed updates to the Quotes and New Business Standards, particularly in response to legislative changes such as the abolition of the Lifetime Allowance (LTA) and its replacement with the Lump Sum Allowance (LSA) and the Lump Sum and Death Benefit Allowance (LSDBA).

This project seeks to establish industry-wide consensus on the proposed solutions, assess the appetite for change, and determine the relative priority of each item. The ultimate goal is to deliver a coordinated set of updates that reflect current legislation, support operational efficiency, and ensure consistency across implementations.