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The government U-turn on pension annuities is wrong

People who were forced to buy annuities deserve their freedom back

By Ros Altmann  

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A few days ago, the government reversed its decision to allow pensioners to sell back annuities that they were forced to buy due to past restrictions. I firmly believe that this U-turn is wrong.

When people buy an annuity, they hand over their pension savings to an insurance company in exchange for an income for the rest of their life. Until 2015, people were often forced to buy annuities as a result of restrictive pension rules, which have now been relaxed. Many people would not have purchased an annuity if they did…

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