Government scraps plans to allow retirement annuities to be sold on
Due to be launched in April 2017, the planned changes would have freed up people to sell their annuity income if they wanted to, without tax restrictions that currently apply, as long as their annuity provider agreed.
But the Treasury pulled the plug on the plans after speaking to the industry, regulators and consumer groups. It said it was not willing to allow a market to develop which could produce poor outcomes for consumers, such as receiving poor value for their annuity income and suffering higher costs.
Experts said pensioners hoping to break free from annuity deals would be... read more
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