16 July 2010
The Financial Secretary to the Treasury Mark Hoban has confirmed
a consultation is beginning on removing the effective requirement
to buy an annuity by age 75 (see previous TPAS news items dated
23rd of June and 5th of July).
Mr Hoban said:
"This Government is committed to fostering a new culture of
saving and responsibility in the UK. To encourage people to take
greater responsibility for their financial future, including in
retirement, we need to give people greater flexibilty over how they
use the savings they have accumulated. This consultation puts
forward reforms that will replace outdated and overly complex
pensions tax rules with a new system that gives individuals greater
freedom and choice."
The full statement made by HM Treasury can be found here:
http://www.hm-treasury.gov.uk/press_28_10.htm
