Government cancels plans to create a market for secondary annuities
The Government has announced the scrapping of the proposals to create a market for secondary annuities.
The initial proposals were announced last year by the then Chancellor of the Exchequer, George Osborne. The proposals were planned to come into force this coming April. The proposals would have potentially allowed up to 5 million pensioners to sell their pension income (annuities) in return for cash lump sums.
Following discussions with various stakeholders in the pension industry, the Government decided to cancel plans to create a market for secondary annuities citing the absence of sufficient consumer protection and safeguards.Talk to Barnes Roffe today