Removing the requirement to annuitise by age 75
At the June Budget the Government announced it will end the effective requirement to purchase an annuity by age 75 from April 2011.
The Government announced at the June Budget that it will end the effective requirement to purchase an annuity by age 75 from April 2011. A consultation on the details of this change was launched on 15 July 2010 and closed on 10 September 2010. The consultation document, which can be downloaded below, set out the Government’s proposals and invited comments on all aspects of the proposed new rules.
185 responses to the consultation were received from a wide cross-section of individuals, pension professional, advisers, trade bodies and academics. A summary of consultation responses is available below. Included in this is the Government’s response, detailing the final policy decisions made as a result of the consultation process.