An overwhelming case for annuity reform

Professional Adviser
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While the Government is right to acknowledge that annuity reform is a delicate issue that requires careful handling, that is no reason to keep archaic rules designed for previous generations

I have been writing occasional articles on annuities for the past 10 years, starting when advisers woke up to the fact that under the new 1988 rules for personal pensions, it was possible to stagger the drawing of tax-free cash and pension. This led to the technique now called 'phased retirement'. The phasing only provided a partial solution. What clients, particularly those with larger funds, really wanted was more flexibility in the timing and amounts of withdrawals and in the investments underpinning the funds. In addition, they wanted to be able to bequeath their accumulated fund on d...

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