The government will continue to delay a decision on the treatment of protected rights, despite consultation responses suggesting all parts of the industry agree the restrictions should be removed.
In its 16-page response to the consultation, which closed on 13 October, the Department for Work and Pensions (DWP) said although it recognises removing the restrictions will reduce regulatory burdens, it argues there are concerns about the potential impact on survivors, especially women, of removing the rule requiring provision of a survivor benefit. As a result, the government believes the issue “requires more in-depth consideration”, which will take place as part of the joint DWP/HM Treasury review of the working of the Open Market Option (OMO) for annuities, which is expected to concl...
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