Age 75 Annuities
Published / Last Updated on 11/05/2010
by Ashley Clark, Director
The new coalition Government has agreed to phase out compulsory annuitisation of pension funds at age 75.
They said they also intend to review when the State pension age will rise to 66, although this will not be before 2016 for men and 2020 for women.
Our View: Being forced to buy an annuity at 75 has never been fair because people sometimes don’t want the money and want to leave it for their families. Currently, this can only happen in a few circumstances and is complicated. Removing a compulsory age for purchasing an annuity is welcomed by everyone and means much more flexibility in planning retirement benefits.
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