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Compulsory annuitisation
22/06/2010
As part of the emergency Budget which took place on 22 June 2010, the Government announced that the requirement to buy an annuity by the age of 75 is being removed. The exact details of the change are still subject to consultation, but in the meantime, the Government has put interim measures into place. These interim measures allow anyone reaching age 75 on or after the date of the Budget to defer purchasing an annuity until their 77th birthday.
If any of your clients are affected by this change and want to defer purchasing their annuity beyond age 75, it is important to note that:
- if they want to take a tax-free cash sum from their pension fund, they will still need to do this by their 75th birthday, and
- their pension benefits will still be assessed against the Lifetime Allowance at age 75.
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