'Consult industry first' - secondary annuity market reaction

Industry responds to scrapped plans

Victoria McKeever
clock • 4 min read

While financial services professionals have broadly welcomed the scrapping of the proposed secondary annuity market, some see it as an example of the government's inability to consider fully the practicalities of policy.

Dentons Pensions director of technical services Martin Tilley (pictured) said: "This was a 'think bubble' that should have been popped before it got to public consumption." His comments follow the government's announcement yesterday that the proposed launch of a secondary annuities market would no longer happen. In a statement it said: "It has become clear that creating the conditions to allow a competitive market to emerge could not be balanced with sufficient consumer protections." Tilley suggested the proposals may have created false expectations among consumers, who could have dec...

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