Avoid annuity purchase

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By Robert Stock Proposals to relax the obligation for UK pension holders to buy annuities are gather...

By Robert Stock Proposals to relax the obligation for UK pension holders to buy annuities are gathering political backing, according to their main proponent Oonagh McDonald. The proposals, drafted by the Retirement Income Working Party originally backed by Autif which McDonald chairs, suggest the removal of the absolute obligation to buy an annuity. McDonald said the proposals had received a guarded but positive reaction from the Treasury and DSS. However, the Inland Revenue still had concerns over the taxation issue. The proposals have come too late to be included in the Finance Bill c...

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