Sipp and Ssas provider EBS Management is urging clients to write to their MPs to avert a post A-day pensions u-turn on ASP.
EBS Management has written to all its clients encouraging them to protest against recent statements made by economic secretary to the Treasury Ed Balls casting doubt on an exemption for pensioners in money purchase schemes from the obigation of buying an annuity at age 75.
He now states that ASP was only intended for those with religious objections to the principle of annuities, such as members of the Christian Brethren.
EBS Management technical manager Barry Bolland says: “If it was always the Government’s intention to restrict ASP to certain religious groups, why does the legislation not reflect this? Nowhere in the initial consultation document nor in the legislation can we find reference to these claims that ASPs are only meant for those with significant, principled, religious objections to the pooling of mortality risk.”