The consultation to end compulsory annuitisation should lead to increased flexibility for retirees. Helen Morrissey asks if this is the case.
The government is set to scrap the requirement to purchase an annuity and abolish alternatively secured pensions.
The government will scrap the rule which creates an effective obligation to purchase an annuity by age 75.
John Moret, director of marketing at Suffolk Life, says sophisticated and widely available tools can help IFAs give good quality and specialist advice on income drawdown.
Almost half a billion pounds of pension funds were transferred abroad in the first two years after pensions simplification to escape alternatively secured pension tax penalties, A J Bell says.
The current rules and regulations surrounding retirement income are ‘not fit for purpose' according to the ABI.
Less than 3,000 people have taken out an alternatively secured pension (ASP), according to AJ Bell.
Mike Morrison talks about how he sees alternatively secured pension (ASP) evolving
Despite punitive tax charges ASPs continue to have much to offer says Neil Marsh
While many believe ASP now only has limited use Mike Morrison believes there are ways around the tax charges