Sell your annuity?
Even though it may never materialise, this “idea” proposed by Steve Webb (Pensions Minister) has caused quite a stir.
Lifetime annuities are designed to give the annuitant a guaranteed level of income for life in exchange for a cash sum. Although many believe the process of selling your annuity income for a lump sum would be unworkable there has still been a high level of positive interest.
If this was to materialise (with the election soon it may not be Steve Webb’s decision from 7th May) it would offer an option to clients who may have locked into an income which may not be suitable for their circumstances.
