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Bee believes annuity rule set for KO

The House of Commons may have overturned the Lords’ vote against compulsory annuitisation at age 75 but the issue will take centre stage when the Pensions Commission delivers its final report says pension guru Steve Bee.

Scottish Life head of pensions strategy Bee says the Government’s annuity policy is on the ropes and he does not expect it to survive after Adair Turner’s Pensions Commission delivers its policy recommendations next year.

Tory peer Lord Higgins tabled the amendment to remove the compulsion to buy an annuity from the Pensions Bill, which the Lords’ passed by 198-144 votes only for the Commons to overturn it last week.

Bee says: “What is important is the issue of us being forced to buy an annuity at a completely arbitrary age now takes centre stage in the public debate on pensions that will start afresh next year when the Pensions Commission publishes its final report.”

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