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think tank says Government must relax annuity rules

Another voice has joined the clamour calling on the Government to relax its annuity requirements.

The left wing think tank The Social Market Foundation says rules requiring individuals to purchase an annuity by 75 are “robbing consumers of the basic right of choice.”

It is asking the Government to scrap this regulation. Instead, SMF says people should be allowed to invest in a diversified investment portfolio.

In recent weeks, the industry and Opposition parties have joined together demanding the Government modernise its annuity requirements.

Treasury sources have confirmed the department will make a move in some direction before the end of the year.

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