The Conservative Party will press for the termination of compulsory annuity purchase if elected to go...
Removing the need to buy annuities would be possible as long as individuals maintain a minimum level of income and do not need to apply for means tested benefits then, says the conservatives manifesto, allowing people to pass on funds to their descendants.
It is a view held by many sections of the financial services industry, however, industry figures have until now insufficiently raised the issue for public debate.
Surprises within the Conservative party's election manifesto include the provision of a 'funded state pension for young people'.
A spokeswoman for the Conservative party said those under 30 would be given a lump sum, which could then be invested.
The party also pledges to abolish tax on savings and dividends, provide tax relief on approved share option schemes, abolish IR35, as well as simplify and cut capital gains tax.
The Bank of England's monetary policy committee would be granted further independence, abolition of the climate change levy and the reduction of regulations, particularly on small businesses.
Social aspects include a married couples allowance of £1000, an increase in children's tax credit increased by £200 and scholarships to help parents who have taken time out of career to bring up children to retrain. Student loans repayment figure would be doubled to £20k and the introduction of endowment funds for universities and reform of long-term care insurance.
The financial manifestos of Labour, Liberal-Democrats, Scottish Nationalists Party and Plaed Cymru will all be published on IFAonline before the general election on June 7.
‘Important to have an anchor’
Report to be written by TPR
Lack of innovation for solutions
Some 2,000 consumers affected