| At last - annuity rules to be relaxed? |
Date: 15 July 2010 |
The Government has outlined plans to scrap the compulsory deadline for buying an annuity. They have recently increased the deadline to 77 but now propose to abolish the age limit entirely.
The proposals to take effect from April 2011 include 1) no specific age deadline for buying an annuity 2) a "e;cap"e; on the amount "drawdown" annually from a pension pot by an individual without buying an annuity 3) a withdrawal of this cap if the individual can prove they have sufficient resources and income to never run out and rely on the state.
We"e;ll believe it when we see it, but the fact that this is now under debate means that the draconian rules may at some stage be relaxed and individuals will have greater scope and flexibilty to plan effectively and efficiently for their retirement years. Call us on 01202 840900 if you would like to discuss your retirement options.
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