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JLT concerned over increased minimum fund levels for annuities

Legal & General has raised the minimum fund value for annuity purchase to £5,000 from £1,000 in a move that leaves Standard Life the only provider accepting applications on the open market for values below £5,000 with a minimum of £2,000.

Jardine Lloyd Thompson says 6 per cent of the annuities it placed last year were below or around £2,000 and is concerned members of self-administered money purchase schemes with low fund values may find their tax-free cash entitlements reduced due to them having to leave a residual fund of at least £2,000 so an annuity can be placed.

JLT annuity services manager Nick Eade says: “If Standard Life follow suit there may be an increasingly bigger gap between maturing funds and the amounts that insurers are willing to take.”

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