Annuity purchase age outdated

The age 75 annuity rule is becoming obsolete as more people are expected to work into their 70s, according to Ronnie Lymburn, director of the Drawdown Bureau. The continuing decline of final salary pension schemes makes it harder than ever for the Government to justify compelling people to buy an annuity at age 75, he believes. Lymburn said individuals who lost access to final salary schemes would have lower incomes. He pointed to figures from the Pensions Policy Institute that show, on current trends, that future retirees will have to work to age 72 if they are not to face a dramatic dro...