The government will scrap the rule which creates an effective obligation to purchase an annuity by age 75.
In a document published alongside today's Budget, the government said it would scrap the so-called age 75 rule from April 2011. It said a consultation on the detail of this change would be launched shortly. The government said legislation for transitional arrangements for those who will reach 75 in the meantime - and are yet to secure an income - would be included in the Finance Bill after the Budget. HM Revenue & Customs said these transitional arrangements would increase to 77 the age by which members of registered pension schemes have to buy an annuity or otherwise secure a pens...
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