The industry has welcomed the government's proposal to allow consumers to sell on their existing annuities but has clashed over whether advice should be mandatory for those wanting to sell.
Industry respondents to the government's consultation on creating a secondary annuity market agreed allowing retirees to sell on their annuities was 'fair' and 'sensible' but while some said advice was needed to prevent consumer detriment, others warned it could hinder competition and choice. The idea of extending pension freedoms to those who bought an annuity before last April was first mooted by former pensions minister Steve Webb early this year. The idea was to extend the newly created pension freedoms, which allow defined contribution (DC) savers to access their money freely fro...
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