Controversial proposals to allow existing pensioners to sell their annuities for cash - and insurers to compete for the contracts - are to be discussed by ministers this week ahead of the 18 March Budget, according to reports.
The idea to extend the pension freedoms announced at last year's Budget to those already locked in to annuity deals will figure in talks between senior coalition officials on 13 March, according to the Financial Times, which cited Whitehall sources. Pensions minister Steve Webb, who first introduced the idea at last year's NAPF annual conference, has since championed the plan, which would most likely see insurance companies purchase the contracts from policy holders, with payouts made until the original owner dies. However, some have questioned its value to existing annuity holders. ...
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