The consultation to end compulsory annuitisation should lead to increased flexibility for retirees. Helen Morrissey asks if this is the case.
Since the coalition government came to power the retirement market has barely had time to pause for breath. Commissions have been formed to look at public sector pension reform and auto-enrolment and we've had an emergency Budget that ushered in long wished for reform of the requirement to purchase an annuity by age 75. On July 15 the Treasury opened an eight week consultation on scrapping the so called Age 75 rule. Financial Secretary to the Treasury Mark Hoban said the move would "encourage people to take greater responsibility for their financial future (....
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes