The Government has announced that plans for creating a secondary annuity market with effect from April 2017, have been scrapped. Such a market would have allowed individuals who have bought annuities under Defined Contribution schemes to sell those annuities, either back to the insurance company that issued them or to a third party. However, the industry had raised many issues that would impede the efficient working of such a market, not least keeping track of how long the original annuitant remains alive.
The Chancellor’s Mansion House speech – and associated consultations
In a speech at Mansion House on 10 July, the Chancellor Jeremy Hunt set out a comprehensive set of initiatives intended to boost pension savings and investment in British businesses. He said the ‘Mansion House Reforms’ could increase the average savers’ pension pot by around £16,000, or 12%, with the aim of increasing investment in […]