After years in the making, the Treasury has struck a deal with unions about introducing a new regime that will compel millions of retirees to use two-thirds of their provident fund to buy annuities, a type of insurance designed to provide income for retirement.   

The new rules blur the lines between provident and pension funds, whose members are already subject to annuitisation requirements in exchange for tax deductions on the money flowing to the retirement pot.  ..

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