The Treasury has today announced it will allow people to continue to opt for an alternatively secured pensions instead of an annuity at retirement, but rule changes now mean the fund cannot be transferred on death.
ASPs have been a controversial subject for the government to tackle over the last few months, after government officials stated the use of ASPs was to be restricted only to a handful of religious groups, such as the Plymouth Brethren, who objected to the concept of investing in pooled mortality risk. In a report published today on the annuities market, HM Treasury says it had always been clear "the principal reason for introducing ASPs was to meet the specific need of a specific group". However, after consultation on the matter, the government has now concluded it would be unfair to withd...
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