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Winterthur fears being shut out of Treasury annuity consultation

Winterthur Life is worried that the Government is shutting out the rest of the retirement market from its annuity consultation in favour of existing annuity providers.

The drawdown specialist is concerned that the Government has already made decisions on the outcome of the consultation and is not listening to a broad enough representation of the industry.

Treasury economic secretary Ruth Kelly held a meeting last week with annuity providers, including Legal & General, Norwich Union, Standard Life and Prudential, IFAs and trade unions.

The Treasury announced plans to look at creating a standardised annuity product. This was only a week after the deadline for responses to its consultation paper.

Winterthur fears that drawdown providers are being excluded and wants the Government to consider looking at the age 75 as it feels the present consultation is ignoring the issue.

Pensions strategy manager Mike Morrison says: “The Treasury may be listening to representation but only from people who make money out of annuities and it has not covered the whole post-retirement market. What is the point of consulting when they have already formed their view before looking at the responses from the whole industry?”

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