The launch of the secondary annuity market should be delayed due to post-Brexit market uncertainty and lack of interest from advisers, according to the Association of Professional Financial Advisers (APFA).
The secondary annuity market, due to launch in April next year, gives retirees who have already bought an income for life the chance to sell it for a cash lump sum. It is an extension of pension freedom which effectively removed the obligation for retirees to buy an annuity with their retirement pot. The Financial Conduct Authority's consultation on the secondary annuity market closed on 21 June. APFA's response urged the watchdog and HM Treasury to push pause on the project. It said post-Brexit market uncertainty and lack of adviser demand were key factors. The government has prev...
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