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Hargreaves Lansdown petition over ASP move

Hargreaves Lansdown has set up an online petition against compulsory annuity purchase at the age of 75.

The move follows the Government’s plans to clamp down on anyone using alternatively secured pensions as an alternative to annuitisation.

Earlier this month, Treasury Economic Secretary Ed Balls told Parliament that ASP should only apply to cases where investors have religious objections to annuities such as the Plymouth Brethren.

The petition got 626 signatures in its first five days.

Head of pensions research Tom McPhail says if the Government excludes the majority of people from ASP, it could affect their willingness to save.

Suffolk Life director of sales and marketing John Moret says: “No one seems to have been able to establish just what is behind the Government’s objection to the use of ASP. It simply exacerbates the pressure on the annuities and gilts markets.”

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