Government bins plans for secondary annuity market

In a statement released this afternoon explaining the U-turn, the government said: "It has become clear that creating the conditions to allow a competitive market to emerge could not be balanced with sufficient consumer protections." It went on: "After an extensive programme of engagement with industry, financial regulators and consumer groups, the government has decided not to take forward plans to introduce a secondary annuities market because the consumer protections required could undermine the market's development." Economic secretary to the Treasury Simon Kirby said allowing consu...