Pensioners will be able to transfer annuities between providers under the Government's proposals on ...
Pensioners will be able to transfer annuities between providers under the Government's proposals on annuity reform. The long-awaited consultation paper, Modernising Annuities, put out by the Department of Work and Pensions, does not envisage abolishing compulsory annuity purchase at age 75. This concept of 'limited-term annuities' would allow individuals to switch between providers and reinvest their money after set time periods. Peter Quinton, managing director of the Annuity Bureau, said this would lead to an increased interest in impaired life annuities but the increased mobilit...
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