Origen applauds annuitisation change within retirement calculator reform

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Origen applauds annuitisation change within retirement calculator reform

The government's decision to scrap compulsory annuitisation at 75 years old will send a positive message out to younger savers, according to Origen.

Head of retirement strategy at the company Rob Tinsley claimed it is important the public is made aware of the options they have available to them.

He said that the government has modernised the rules surrounding annuities, but suggested the reforms are unlikely to stop such products forming the "backbone" of the pensions sector.

"This is a very positive piece of legislation and is a major leap forward in generating greater retirement flexibility and incentivising people to save for their later life," remarked Mr Tinsley.

In his opinion, another option that could prove attractive among savers is taking up their Open Market Option - an alternative that he noted is underused.

Origen director of business development Mark Pearson described how delighted he was that the Pensions Regulator this week chose to clarify the rules relating to enhanced transfer values.

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