Providers 'interested' in Webb's annuity unwinding plan

Helen Morrissey
clock •

Providers have shown interest in plans to allow people to unwind their annuities, according to pensions minister Steve Webb.

The MP said the policy has proved popular with the general public and could be fairly straightforward to achieve. "The secondary market in annuities is an issue where I get good feedback from people," he said. "I also presented the idea to a group of actuaries who say the easiest way to do this would be to assign the policy. "So if I bought an annuity say from Scottish Widows all they would have to do when I sold it would be to change the bank details while I would receive the capital." He added: "Of course we would need multiple purchasers to get this market to work but some annui...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Pension Lab processes more than one million digital LoAs

Pension Lab processes more than one million digital LoAs

Challenge around ‘standards for consistency’

Sophia Panayi
clock 06 November 2026 • 1 min read
DWP, TPR and FCA launch consultation on guided retirement to help 'resurrect' pensions

DWP, TPR and FCA launch consultation on guided retirement to help 'resurrect' pensions

Consultation covers how default pensions should work in practice

Holly Roach
clock 03 November 2026 • 6 min read
Do clients already own the best retirement portfolio?

Do clients already own the best retirement portfolio?

'Feeling safer and being safer aren't the same thing'

Alex Funk
clock 29 October 2026 • 4 min read