Calls for Govt to confirm ASP U-turn

Previously, ASPs were only permitted to be used by those with a ‘principled religious objection’ to buying a lifetime annuity, says the SIPP and SSAS administration firm. Yet, the Government appears to have executed a dramatic U-turn by suggesting any pension saver who wants to delay purchasing an annuity until past the age of 75, is free to move their funds into an ASP. This could potentially give pension funds a chance to bounce back from the impact of recent market turmoil, says Hornbuckle. Mary Stewart, marketing director at Hornbuckle Mitchell, says: “The Government should ma...