You are here: cherry > Press releases for December 2010 > Consultation on Scrapping Compulsory Annuitisation Age 75 anticipated this Thursday, 9TH December

08 December 2010

RETIREMENT solutions specialist Partnership is expecting the Coalition Government to announce its Consultation on Scrapping Compulsory Annuitisation Age 75 this Thursday, 9TH December. For expert comment please call: Philip Brown, Head of Retirement Products: 07500 104 604 or Steve Groves, CEO Partnership 020 7618 2826 – both can provide instant media comment. Partnership, is a specialist provider of enhanced annuities. Key facts: 80% of pension funds are less than £40,000 (ABI 3rd Q 2009) 70% of those people with pension funds under £40,000 do not shop around for the best annuity rates (the Open Market Option) 40% of people are eligible for an enhancement for reasons of health or lifestye - yet only 10% shop around for the best annuity rates The difference between the best and worst annuity rates can be up to 30% or more for people eligble for an enhancement The poorest and least well lose most income by not shopping around. "We support the Government as it seeks to make retirement saving more attractive by providing greater flexibility in how pension income can be invested,” said Philip Brown. “However we urge the Government not to lose sight of the fact that, for the vast majority of people, annuities are still the best retirement product. “At a time when the Government is seeking to stop people falling back on to means tested benefits it must now insist that pensioners shop around for the best rate not only to help themselves but to protect themselves from falling back on the State," said Brown.

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