Annuity purchase requirement and ASPs to be scrapped - UPDATE 3

In an HM Treasury consultation on annuity reform - published today - the government said that, under the new regime, retirees would have the choice to go into either a capped drawdown system where income can be withdrawn subject to annual limits or else they can go into a flexible drawdown arrangement whereby unlimited lump sums can be withdrawn on the proviso minimum income requirements have been met. The level at which the minimum income requirement will be set will be an issue for debate during the consultation. At any time the retiree will be able to use some or all of their incom...