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&#39Govt doing U-turn on annuities&#39

The Government appears to be backpedalling on its proposals for annuity reform, according to IFAs, who suggest it is moving away from allowing transfers between providers.

The Treasury says following its consultative period, it will allow annuitants to change the terms with existing providers.

But there is no mention of allowing annuities to move bet-ween providers, as was suggested in the Government&#39s consultation exercise. The Government confirmed it will go ahead with the limited period annuity and enable new generic kinds of annuity products from providers.

The annuity consultation period ended two weeks ago, with providers criticising its proposals for not going far enough.

The limited annuity and the refusal to remove the age 75 rule have been especially attacked, with many saying the Treasury is not taking reform seriously.

Wentworth Rose managing director Philip Rose says: “They may be backpedalling from their original proposals. I do not see what allowing annuitants to change terms with their prov-ider will accomplish.”

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