Hargreaves rules itself out of 'risky' second-hand annuity market

The firm, which says it is the UK's largest annuity broker, also said demand for "suitable transactions" was likely to be low. The secondary annuity market is set to go live in April next year and will allow people with annuity contracts to sell their guaranteed income for a cash lump sum. It is an extension of the pension freedom reforms which came into force in April last year. Hargreaves said it had conducted extensive analysis of the market and concluded it posed risks to consumer. Head of retirement policy Tom McPhail said: "Like the government, we are keen to see as many inve...