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Annuity re-selling plans shelved by government
Annuity re-selling plans shelved by government
This is a duplicate of the Blog Entry made on: 19th October 2016 08:30
This is a duplicate of the Blog Entry made on: 19th October 2016 08:30
The government has abandoned plans to let pensioners raise money by selling their annuities to insurance firms.
The controversial idea was first aired in the March 2015 Budget by the then Chancellor George Osborne as part of his plan for "pension freedoms". Despite deciding last December that the plan would go ahead next April, the government has changed its mind. It admitted that too many pensioners might be lured into making the wrong decision. Acknowledging that most people would be best advised to stick with their current annuities, the Economic Secretary to the Treasury, Simon Kirby, said: "Allowing consumers to sell on their annuity income was always dependent on balancing the creation of an effective market with making sure consumers are properly protected......Source: Read more HERE
The controversial idea was first aired in the March 2015 Budget by the then Chancellor George Osborne as part of his plan for "pension freedoms". Despite deciding last December that the plan would go ahead next April, the government has changed its mind. It admitted that too many pensioners might be lured into making the wrong decision. Acknowledging that most people would be best advised to stick with their current annuities, the Economic Secretary to the Treasury, Simon Kirby, said: "Allowing consumers to sell on their annuity income was always dependent on balancing the creation of an effective market with making sure consumers are properly protected......Source: Read more HERE