Brown has not killed ASP - Winterthur

In the Budget Gordon Brown confirmed plans, originally outlined in the Pre-Budget Report in December, to restrict the attractiveness of ASP by insisting on a minimum income level of 55% of a comparable annuity for a 75 year old, with a maximum of 90%, while any transfer of a lump sum death benefit triggers an unauthorised payment charge. Over the past few months the industry has been lobbying the government continuously for a 'softening' of the proposals, with many hoping for a more 'neutral' tax charge of 55% - instead of up to 70% - but instead Brown simply reduced the minimum income fr...