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Treasury &#34backpedalling&#34 on annuity reform

The Government appears to be backpedalling on its proposals for annuity reform according to IFAs, who suggest they are moving away from allowing transfers between providers.
In the documents accompanying the budget, the Treasury says following its consultative period it will allow annuitants to change the terms with their existing providers.
There is no mention of allowing them to move between providers as was originally suggested in its consultation exercise prompting IFAs to suggest the Government is backing down in the face of industry criticism.
It did however confirm it will go ahead with the limited period annuity and bring powers forward to enable new generic kinds of annuity products from providers.
The Government&#39s annuity consultation period ended two weeks ago, with providers criticising its proposals for not going far enough. The limited annuity and the refusal to remove the age 75 rule have been especially attacked with many saying the Treasury is not taking reform seriously.
Wentworth Rose managing director Philip Rose says: “It appears they may be backpedalling from their original proposals. I do not see what allowing annuitants to change terms with their current provider will accomplish.”


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