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Headline

‘Horrified’ pension director quizzes FCA on pension freedoms strategy

Comment

"In 2015, the UK government removed the requirement for pension savers to buy an annuity at retirement." So many publications, including the Financial Times (and now IPE), have struggled to report the change correctly. It is NOT correct to state that, before 2015, people were required to buy an annuity at retirement. Budget 2010 (June): "1.117 The Government will end the existing rules that create an effective obligation to purchase an annuity by age 75 from April 2011 to enable individuals to make more flexible use of their pension savings. The Government will shortly launch a consultation on the detail of this change and will introduce transitional measures for those yet to secure a retirement income who will reach 75 in the meantime." Budget 2011: "2.52 Pensions annuitisation – The June Budget 2010 announced that the effective requirement to annuitise by age 75 would be removed from April 2011. Draft clauses were published on 9 December 2010 following consultation on the details of the change during summer 2010. The changes were enacted in Finance Act 2011.

Posted date

Wed, 24 Oct 2018

Posted time

11:29 am

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