Plans to allow pensioners to sell their annuities for cash must not be rushed through, insurers have urged.
The government wants to extend the pension overhaul to allow pensioners to sell back their annuity - a fixed retirement income - to providers. But a trade body says the proposed April 2016 start date puts people at risk of scams. It said lessons should be learned from recent pension changes that allowed people to cash in a pension pot. Under those rules, which took effect in April this year, many people aged 55 and over have been able to cash in their pension savings before buying an annuity. The latest proposals would allow five million pensioners who have already bought an annuity with their pension pot to sell it back....Read more here