Annuity Rules to be Scrapped
You save all your life and create an adequate pension pot and then at 75, you have to turn it into an annuity, ehich in many cases would be like using twenty pound notes to keep warm in winter. But now the government has stated that it will abolish this rule according to the BBC.
The government has outlined its plans to scrap the long-standing compulsory deadline for people buying an annuity.
Present rules state that those with a personal or company money purchase pension must buy an annuity once they hit the age of 75.
In the Budget, the government changed this age from 75 to 77, and now it has outlined plans to abolish the deadline.
I’ll believe it when and if I get to 80. Remember that this change will mean all those commissions and charges that insurance companies and pension funds will lose. They’ll try all they can to stop the rule changes. After all government needs their services like the rest of us.
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The Anonymous Widower 
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