Property News · October 19, 2016

Treasury carries out major U-turn on pension annuities


Former chancellor George Osborne’s plan to allow pensioners to sell existing annuities too risky, suggests ministerPlans to allow millions of people to raise money by selling their pension annuities have been scrapped by the government, amid warnings that it could have turned into “the next big mis-selling timebomb”.In a major U-turn, the Treasury said that allowing pensioners to offload their existing annuities in return for a cash lump sum, as proposed by George Osborne when he was chancellor, “would put consumers at risk”, so it had decided to abandon the plans. Continue reading…

Source : theguardian.com
Read more…Treasury carries out major U-turn on pension annuities

You may also like...