MIR annuity hurdle could be as high as £300,000

Yesterday, HM Treasury said the Government was set to scrap the requirement to purchase an annuity and abolish alternatively secured pensions (PP Online, July 16). However, Towers Watson says the significance of the proposal to allow pensioners to access more of their money early on in retirement will depend on the size of the lifetime income that they first need to secure. Under the proposed reforms, pensioners would be allowed to withdraw more than a set annual limit, but would first need to secure a lifetime income or minimum income requirement, to prevent them falling back on stat...