Compulsory Purchase Annuity

If you are a member of a defined contribution money purchase occupational pension scheme or the holder of a personal pension plan, you are obliged to use the pension fund created to purchase an annuity to provide an income to fund your retirement.

You may purchase this annuity on retirement but you are not obliged by law to purchase it until you reach the age of 75, whereupon you must use your accumulated pension fund to do so.

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