Buying annuities should be separated into three buying processes rather than one to make the purchase of annuities more attractive to retirees, Scottish Life is suggesting to the government.

In response to the Treasury's latest consultation on annuity reform, the Scottish life and pension provider says three main changes could be implemented which would change purchase of retirement income from a single event to three or more, to provide consumers with greater options. Steve Bee, head of strategy at Scottish Life, says the compulsory requirement to purchase an annuity by age 75 should be relaxed, so investors only have to buy an annuity worth at least the Minimum Income Guarantee when at their initial retirement date, with the option to purchase other annuities at a later d...