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Treasury to consult on annuities

The Treasury will unveil a consultation on annuity reform in 2003 with the aim of increasing competition although it says competition has already been promoted by the open market option.

But so far details of the scope of the consultation do not yet include plans to change the compulsory purchase at age 75.

The pre-budget document states: “The annuities market has continued to develop the product range available, giving pensioners more choice. The Treasury plans to publish a consultation document on how better to promote competition in this market and thereby improve the benefits to customers.”

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