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Fifteen years ago the Liberal Democrat MP Steve Webb called for the UK government to stop forcing pensioners to buy annuities at the age of 75. This long form article brings us to present day where pensioners will have more flexibility in how they access their savings.
The genesis of Mr Osborne’s strategy goes back three years to 2011, when the chancellor decided that he wanted his 2014 Budget – a key moment in the run-up to the general election – to be focused on savers. From the summer of 2013, Rupert Harrison, his special adviser, started drawing up potential ideas, including scrapping the need to buy an annuity.
http://www.ft.com/intl/cms/s/0/0f7c04a4-53b5-11e4-80db-00144feab7de.html#axzz3coDgvMxA
