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Aifa backs Tory call for temporary end to forced-annuitisation

The Association of Independent Financial Advisers has backed the Conservative’s proposal to end forced annuitisation at 75 during the current tubulence.

Conservative Shadow Secretary of State for Work and Pensions Chris Grayling wrote to the Government with this suggestion in a bid to protect pensioners’ long-term income from being badly hit by the current state of the market.

Aifa policy director Andrew Strange says: “Aifa agrees with today’s calls by the Conservative Party to end forced annuitisation at 75.

“Given current market conditions we do not believe people should be forced to make once in a lifetime decisions which could result in them being significantly worse off in retirement than they would otherwise. 

“This is evidence of the failings of compulsory annuitisation rules within the current pension system, and therefore going forward we would like to see them reviewed.”

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