Pensions providers and insurers have taken a hammering on the stock market as investors counted the cost of George Osborne's "Budget for savers".
In a session when the FTSE 100 Index ended 32.2 points lower at 6,573.1:
- Legal & General dropped 19.3p, or 8%, to 211.2p
- Aviva fell 26.6p, or 5%, to 490.4p
- Standard Life declined 11.4p, or 3%, to 354p.
- Prudential slid 29p, or 2%, to 1,339.5p
Meanwhile on the FTSE 250, Partnership Assurance, which provides enhanced annuities for people with lower life expectancies, lost more than half its value, plummeting 176.2p, or 55%, to 143p.
The pension changes announced in the Budget yesterday are a risk and based on "highly uncertain assumptions", according to a think tank.
Critics warn the major changes to retirement savings could leave pensioners short if they don't make the right decisions.
The annuity provider welcomed the Chancellor's pensions changes despite the firm's share price dropping 8% after the Budget announcement.