Government consultation on annuities

Age UK's response to the Government consultation on creating a secondary market in annuities

Caroline Abrahams, Charity Director at Age UK, said:

'While some people could benefit from selling their annuities, for the vast majority retaining an annuity income will be the best choice. We are pleased that the Government acknowledges this and has put a priority on consumer protection, including financial advice for some and guidance for others - Age UK firmly believes that everybody considering cashing in their annuity should at least get guidance from Pension Wise before doing so.

There are still many tricky issues to resolve, in particular clarity around the interaction with means-tested state support, ensuring that partners and spouses are not unwittingly left without income, and that people fully understand the full range of consequences of their decision.'