HM Revenue and Customs will clarify whether tax legislation allows pension schemes to offer an annuity under an open market option (OMO) without having to provide a pension themselves, according to the Pre-Budget Report (PBR).
A statement from the Treasury says the move will help remove misunderstanding that might prompt some pension providers who are reluctant to accept annuity business to offer uncompetitive rates. For all our coverage of the PBR, please visit our 'industry' page To comment on this story contact: Jennifer Bollen Reporter Tel: 020 7034 2679 E-mail: [email protected] IFAonline
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