OECD criticises Osborne's pension reforms

The Paris-based international organisation said people should be encouraged to buy an annuity with at least some of their pension savings, as they behave as an "important instrument" to protect against longevity risk.   However, Osborne's (pictured) reforms effectively abolished the near-requirement to buy an annuity, giving all savers in defined contribution pensions the right to spend their savings in any way they wish after they turn 55. Official data has shown purchases of annuities have fallen sharply since the reforms, which took effect in April 2015. At the same time some £8bn ...