Savers stuck with poor pension incomes after government scraps plan to let retirees sell annuities

Plans to let pensioners sell their pension incomes in return for cash have been scrapped, the government has announced.
The proposals would have allowed as many as five million retirees with annuities to sell them on through a secondary annuity market.
It would have been a lifeline for savers trapped for life in poor-value deals. Some pensioners are getting only a few pounds a week where a lump sum would be much more useful.
Annuities pay a regular retirement income for life and are bought by workers on retirement with their pension funds.
However they have long been criticised for being... read more

18 October 2016 in Business, Views: 43
Source: Daily Mail

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