Axa UK chief executive Nicolas Moreau is calling on the Government to allow greater flexibility in the at-retirement market.
Speaking at the Tax Incentivised Savings Association conference in London last week, Moreau said he is in discussions with the Government around freeing up the rules on forced annuitisation at age 75,
He said: “Some regulatory changes around forced annuity purchase at 75, plus the application of Government Actuary’s Department limits, would greatly help innovation and we are in dialogue with HM Revenue & Customs and the Treasury.”
He said a wider range of retirement planning products is needed to meet the needs of changing demographics and more flexible working patterns in later life.
Moreau also called for closer cooperation between providers and policymakers. He said: “The pre-Budget report is a prime example. The changes proposed to capital gains tax will have a major impact.”