The government is to scrap compulsory annuitisation from April 2011. It will introduce transitional measures for individuals who have yet to secure a retirement income and will reach age 75 in the meantime.
In his emergency Budget, Chancellor George Osborne said the government would shortly launch a consultation on the detail of this change.
The move is intended to enable individuals to have more flexibility over the use of their pension savings.
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Debbie Lovewell-Tuck is a business journalist with 20 years’ experience specialising in pay, reward and HR. She joined Employee Benefits as a reporter in 2003, before becoming editor in 2015. Debbie is also responsible for editorial content across Employee’ Benefits events, including Employee Benefits Live and the Employee Benefits Awards, as well as hosting Employee Benefits’ webinars.View full profile
