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Govt refuses to rule out temporary suspension of forced annuitisation at 75

The new pensions minister Rosie Winterton has refused to rule out a Conservative proposal to temporarily suspend forced annuitisation at 75 due to the current market crisis.

Earlier today, Conservative Shadow Secretary of State for Work and Pensions Chris Grayling published an open letter to his Government counterpart James Purnell calling for him to temporarily suspend compulsory annuitisation at 75 while the markets remain in turmoil.

He argued that it was not fair for people to be forced to make a once in a lifetime decision affecting their retirement income during times of financial uncertainty.

Winterton says the Government understands people’s concerns about their pensions following the recent falls in share prices.

She says: “Given the current turbulence in the markets it makes sense that we keep all policies under review to ensure pensioners and people saving for their retirement are protected.

“We have worked very closely with stakeholders to deliver a consensus in the important pensions issues over recent years and in these times, we continue to be keen to meet opposition parties and industry experts to discuss their concerns.”

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