Cash-back annuities 'by end of year'

Discussions are set to take place in the next few weeks between insurer CGNU and the Treasury over a proposal to introduce so-called cash-back annuities into the market before the end of the year. A spokesman for the company says that timetable will only be kept if the government agrees that CGNU's reading of the rules and guidance in place concerning annuities is correct and will not necessitate a change to the law. He says the idea behind a cash-back scheme is to combat the perception among consumers that they get a rough ride if they build up a substantial capital reserve but...