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Think Tank calls on Government to relax annuity requirements

Think-tank Social Market Foundation is joining the growing clamour for the Government to relax its annuity requirements.

The group says the obligation now on pensioners to buy an annuity at 75 is highly damaging and the case against it is overwhelming.

The conclusion is part of a report on different ways pensions funds can be drawn on by pensioners in retirement commissioned by Winterthur Life and its subsidiary Personal Pension Management Limited.

It says the Government has so far rejected forcing people to start a pension, but it says those who have chosen to save for retirement are forced in to purchasing an annuity.

The report says: “A Government committed to a serious reform of savings cannot afford to avoid removing antiquated and unnecessary regulations that serve to undermine its attempts to boost the rate of British savings.”

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