With the Workplace Pensions now up and running a number of Government departments are already looking at this as a work in progress. All UK businesses need to be aware of the need for on-going governance and due diligence, as the responsibilities ultimately lie with them.
The FT have reported that the Chancellor is to make a further announcement in the Autumn Statement on 3rd December which will please annuity providers.
The reports are that annuities that are set up on a joint life basis, on the death of the annuitant, the surviving partner will receive the annuity payments tax free.
These reports are unconfirmed and therefore there is no more detail as to how these changes will be applied – to new annuities purchased post April 2015 or to existing annuities.
If the announcement is true, it will certainly help rebalance the annuity vs drawdown argument.
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