Annuities

Mark Hoban Excerpts

Thursday 15th July 2010 Written Statements

[The Financial Secretary to the Treasury (Mr Mark Hoban)]

As

announced at the emergency Budget, the Government will end the effective requirement to annuitise by age 75 from April 2011. The Treasury has today launched an eight-week consultation on the details of this change. This consultation document sets out proposals that will simplify the treatment of retirement savings and reduce complexity for individuals as well as for pension and annuity providers.

This consultation is being conducted in accordance with the code of practice on consultation and will run from 15 July 2010 until 10 September 2010 inclusive.

Copies of the document are available on the live consultations page of the Treasury website and have been deposited in the Library of the House.