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LibDems will relax rules on annuities

The Liberal Democrats will relax annuity rules and give individuals a greater voice in the running of occupational pension schemes as part of their manifesto commitments on financial services.

People with company pensions, including those already retired, will be given greater control over the running of their pension fund.

LibDem social security spokesman Steve Webb says: “We would introduce legislation so that one trustee would be elected by current employees and one by current pensioners. We would ensure that employers would not be able to outnumber employees&#39 representatives.”

Like the Conservatives, the LibDems propose to relax the rules forcing annuity purchase at 75.

In addition, the party would review the regulation of the life insurance sector.

Clerical Medical pensions strategy manager Nigel Stammers says: “It is right that people should have a say in the running of their pension funds but there will be cost implications. There are already so many reviews cutting across each other that the last thing the industry needs is yet another.”

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