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Forced annuitisation finally comes to an end

It’s gone..I just can’t believe it’s gone.
 
Many people will be repeating this statement after today’s Budget about a whole number of things.
 
But for me this marks the end of a long and hard fought campaign to scrap the compulsion to buy a pension annuity at age 75.
 
Tucked away in the section of the Statement around pensions tax relief is the commitment from the Coalition to end compulsion, following a consultation this summer, from April 2011.
 
For over 10 years I have worked with my friends Dr Oonagh McDonald and Sir Nicholas Goodison to campaign for the right of people to make their own choice of retirement income needs. A free choice as long as people meet an minimum income need which ensure they do not fall back on the State.
 
We took five Private Members Bills through the House of Commons. We spoke to every Secretary of State and every Pensions Minister along the way – and in the past 10 years there have been quite a number
 
We secured backed from the then Equal Opportunities Commission and both the Conservative and Liberal Democrat parties have had this commitment in their last two manifestos
 
But until I saw this commitment in print from HM Treasury today in the official Budget book, I scarcely believed it would happen.
 
Given the Chancellor’s removal of the planned tax on cider – I might just have a glass or two of scrumpy to celebrate
 
Cicero Consulting director Iain Anderson

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  1. John Blackmore 23rd June 2010 at 1:15 pm

    I’m all in favor of the change BUT still wonder how many will benefit ? will this change help those in FS ? or those with very small pension funds ? ( the vast majority). wonder how many will not opt for annuity sooner rather than later. Yes all in favor but makes me wonder why it has taken so long to make a change which may have less impact than hoped or feared ?

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