Income

Five reasons I might sell my annuity

The government is being urged to ban defined benefit to (DB) to defined contribution (DC) pension transfers to minimise "complexity and confusion" once the 6 April retirement 'freedoms' are rolled out.

People could lose their entitlement to means-tested benefits if they spend their pension pots after taking advantage of pensions freedom, the government has warned.

The Financial Conduct Authority (FCA) has made it a requirement for firms to rank their annuity products against their peers and simplify the information they give to consumers in the form of wake-up packs.

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Playing catch up to gain pension freedom

The government does not intend to permit those wishing to cash in their annuities to sell them back to their existing provider, it has announced.

The government is considering making regulated financial advice a requirement for people looking to sell their annuity contracts, Budget documents reveal.

Chancellor George Osborne has confirmed retirees will be allowed to sell their annuity contracts for cash from April 2016 without facing "punitive tax charges".