Provider scepticism failed to halt secondary annuity market plans

Freedom of information request reveals

Hannah Godfrey
clock • 3 min read

The government pressed ahead with plans for a secondary annuity market despite a lukewarm and - at times - sceptical response from providers, a freedom of information (FOI) request has revealed.

The government decided to scrap its plans to create a market for secondary annuities in October, stating "It has become clear that creating the conditions to allow a competitive market to emerge could not be balanced with sufficient consumer protections." Following the FOI request, however, the Treasury has published the responses of 49 providers and consumer groups on the initial secondary annuity market proposal, many of which, while broadly sympathetic, were quick to point out the plans' flaws. These mostly centred on consumer concerns. Given the complexity involved, many responden...

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