The UK Government has announced that it end the existing rule that creates an effective obligation to purchase an annuity by age 75 from 6 April 2011. A consultation on the detail of this change will be launched shortly. Legislation for transitional arrangements will be in the Finance Bill after the June 2010 Budget for those yet to secure an income who will reach 75 in the meantime.

This will give people more option and is welcomed by Annuity Arrow.