Abstract
This paper sets out the Inland Revenue's (IR) requirements for the compulsory purchase of an annuity to secure the retirement benefits of members of occupational and personal pension schemes. It looks at the origins of the requirement and changes that have since taken place including the income drawdown facility. The reasons for the requirement are examined together with the age limit of 75. Finally, the Department for Work and Pensions (DWP) and IR's case for retaining the compulsory purchase of annuities and improvements to annuity products are looked at as well as the case for abolition of the requirement.
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