Compulsory annuities should be scrapped- IMA

The trade body says the Government should offer consumers greater choice by abolishing rules requiring retirees to buy an annuity. Research by IMA shows retirees could achieve up to 20% more income than a conventional annuity offers by using lifetime income and bequest under alternative strategies. The strategies include withdrawing a fixed percentage a year rather than a fixed amount and withdrawing a fixed value a year with the option to withdraw larger amounts a year than a standard annuity. However, IMA highlights some consumers may prefer a combination of annuities and drawdown...