Wealth management easier without requirement to annuitise?

Wealth management for those with private means might be easier to manage now the requirement to annuitise pensions by the age of 75 has been removed, it has been suggested.

Andrew Tully, senior pensions policy manager at Standard Life, says the move will allow for "further innovation" in the market, which could let individuals diversify their assets and use alternative savings vehicles such as offshore accounts.

The wealth management expert suggests drawdown "can be a valuable option … for those willing and able to take the risk".

As well as greater flexibility, it also provides improved benefits when a person dies and could ensure those with private wealth are able to pass more assets to friends and loved ones.

In the June Budget the coalition government announced the requirement to purchase an annuity by the age of 75 will end as of April next year, potentially encouraging individuals to find other methods of drawing an income during retirement.  ADNFCR-2318-ID-800047132-ADNFCR