Move Annuity to Another Provider

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Petition Action

Move Annuity to Another Provider

Additional Information

Once an annuity starts it is fixed for life with the same provider. This prevents annuitants being able to take advantage of better annuity rates when rates rise. It should also introduce competition between annuity providers and force them to give better rates. There needs to be legislation in place that allows annuitants to move their annuity to a different provider who can give a better rate. This may need to be limited to prevent multiple moves per tax year but that's better than not being allowed to move at all.

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