Government throws out right to sell annuities in exchange for cash
Ministers feared people could lose their savings at the hands of pension scammers and unscrupulous fund managers.
There were also concerns that many retirees could finish up worse off after paying up-front fees of more than 20 per cent.
Furthermore, major insurers refused to take part in the scheme.
It marks the latest shift by Chancellor Philip Hammond away from the policies of his predecessor George Osborne, who promised to to let people sell their annuities.
Tom Selby, a senior analyst at AJ Bell said: “The plans were always riddled with problems.
“The market would have been stacked... read more
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