Budget 2010: Budget to scrap compulsory annuitisation at age 75

The government is to scrap compulsory annuitisation from April 2011. It will introduce transitional measures for individuals who have yet to secure a retirement income and will reach age 75 in the meantime.

In his emergency Budget, Chancellor George Osborne said the government would shortly launch a consultation on the detail of this change.

The move is intended to enable individuals to have more flexibility over the use of their pension savings.

Read more on pension schemes