At-retirement innovation targeted with tax tweaks

In its response to the consultation on the new pensions freedoms announced in this year's Budget, the government said the current tax legislation caters for two broad categories of retirement income: lifetime annuities and income drawdown. The government said it was "clear that annuities will remain the right choice for many at some point during their retirement", and noted that many people would still value the security of an annuity. But it said there was "a clear demand for more flexibility" to allow new products that fit with the changing nature of retirement. As such, the gove...