Remove the annuity requirement on private pensions

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Remove the annuity requirement on private pensions

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Annuity rates are at derisory levels with little prospect of future improvement.

The government should remove the requirement for a matured pension to buy an annuity. The retiree should be given the choice to draw down the monies for any purpose. The tax free lump sum should also be doubled. The Governemnt gains by drawing down tax in a lump sum rather than over the life of the annuity.

This would free billions of pounds over the next few years, money that could be spent in the economy to stimulate growth rather than being locked away in Insurance Comapny coffers.

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