Ban forced annuitisation for good - Skandia

It says compulsory annuity purchase should be abolished forever rather than just until the current economic turmoil is over. Pension investors are being “hammered” with falling interest rates set to lower annuity levels further and declining equity prices reducing the value of pension funds, it adds. It says these factors will result in significantly lower incomes for people being forced to take an annuity now just because they are turning 75. The Conservative Party yesterday demanded a temporary end to the rule citing current market turmoil and was backed by the Association of IFAs (AIF...