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Treasury makes U-turn on RPI-linked annuities

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The treasury has reversed plans to prevent savers using RPI-linked annuities without a floor to meet the minimum requirements for flexible drawdown.

Around 75% of all RPI-linked annuities are paid out with no bottom, so under these previous plans, thousands would have been unable to use theirs to fund the £20,000 minimum income requirement. However under new legislation which comes into effect on August 11th, RPI-linked annuities will be counted.

The news comes after industry lobbying, and this U-turn will be widely seen as an industry victory.

Investment-linked annuities without a guarantee will remain uncounted towards the minimum income requirement.

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