Winterthur Life is lobbying for a change to the rule on compulsory annuity purchase at 75.
The news follows a Lords debate on raising the compulsory annuity age to 80 in which social security minister Lord Macintosh claimed the pensions industry had failed to provide alternatives to holding the age at 75.
Winterthur Life director of sales and marketing John Moret says: “We take issue with the Government's claim. The proposals in our document “Income Drawdown and Annuities-The Case for Change” present a realistic alternative to the current situation.
“We will take our proposals to ministers and leading trade figures to ensure nobody is left doubting a better alternative to the current system does exist.”