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July 21, 2010 · 9:38 am. What the budget means for pensions and annuities. It has been announced that the rule may stretch to the age of 77 initially before being scrapped completely. Annuities offer retired people a guaranteed payment for life. However, the financial field of pensions and annuities is complex and can be a minefield for people facing retirement. There is a lot of pressure to find the best annuity rates. This reassurance is vital for many who want to live a comfortable, stress free retire...

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