Update about the Secondary Annuity Market
You may have seen in the news that the government has decided to cancel plans to allow people to sell their annuity for a cash lump sum (sometimes referred to as the Secondary Annuity Market).
This means that the original terms and conditions of your annuity remain in force and you won’t be able to sell it for a cash lump sum. The main reason the government has cancelled the plans is that they feel it isn’t possible to create a competitive market that provides value for customers and meets the need for consumer protection.
If you’d like further information on the government’s decision you can visit www.gov.uk/government/news/government-cancels-plans-to-create-a-market-for-secondary-annuities.
