People drawing retirement income from annuities will be able to sell their contracts from 6 April 2017, the government has confirmed.
It said more than five million people will be able to take advantage of the reforms, which are an extension of the pension freedom package first announced in the Budget of 2014. Economic Secretary to the Treasury Harriett Baldwin confirmed from 6 April 2017 tax restrictions for people looking to sell their annuity will be removed. She said it would give five million people with an annuity the chance to sell it on for a cash lump sum. The reforms will also be open to people who buy an annuity in the future. At present, people wanting to sell their annuity income to a willing buyer fac...
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