C
A P P A
THE
COMPULSORY
ANNUITY
PURCHASE
PROTEST
ALLIANCE
Introduces
The
Social Market Foundation
The
Social Market Foundation was launched in March 1989 to provide a rich
new source of innovative & social policy ideas. Steering an independent
course between the conflicting ideologies of conservatism and social
democracy, the SMF pioneered work in the market-based reform of state
healthcare, education and welfare provision. The Foundation continues
to advance an agenda of reform, based on markets in their social and
civic contexts. As Britain's leading independent think tank, the
SMF maintains a flourishing network of links with sister organisations
in the EU and US.
The SMF has published a report calling on the Government to tackle the outdated annuity regulations that force pensioners into the compulsory purchase of an annuity as soon as they reach the age of 75.
It concludes that the current policy of forcing people to buy an annuity on retirement is highly damaging to the interests of pensioners and that the case against compulsory annuitisation is overwhelming.
Phil Collins, Director of SMF said "Pensioners are boxed into a corner and forced to purchase an annuity on reaching 75 - for many this is a poor investment. The case against compulsory annuitisation is overwhelming."
Leading industry commentator John Moret added "Gordon Brown needs to take the bull by the horns and end this unfair compulsory purchase requirement. The current regulations are more than 40 years old and with the changes to life expectancy, the Government must at least consider shifting the age limit. - the SMF are right to call for abolition of the archaic system"
The report, titled "ANNUITIES; the case for change" concludes " the socially preferable option is a complete abolition of compulsory purchase annuities"
Copies of this report may be ordered from Joanne Wilson, SMF 11 Tufton St. LONDON SW19 3QB
Tel:
020 7222 7060 Fax: 020 7222 0310
SMF's website is www.SMF.co.uk
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