Further annuity flexibility in thepipeline

The annuity consultation paper has widened the debate on pensions and should lead to more choice and flexibility in the range of products available for pensioners

On 5 February, the Inland Revenue published its long-awaited annuity consultation paper Modernising Annuities. The publication of this paper follows hard on the heels of increased unrest in the industry on the subject of annuities, fuelled by falling interest rates, increasing life expectancy and more people taking early retirement. Despite the recent coverage of the progression of MP David Curry's private member's bill, which proposed the need to secure only a minimum income on retirement, the Government strongly disagrees with the suggested abolition of the requirement to buy an annuit...