HM Treasury has announced that the government has decided to not go ahead with its plan to introduce a secondary annuities market. The press release states that following a wide range of discussions, it has become increasingly clear that creating the conditions to allow a vibrant and competitive market to emerge, with multiple buyers and sellers of annuities, could not be balanced with sufficient consumer protections. The press released adds that consumer protection is a top priority for the government and that the government is not willing to allow a market to develop which could produce poor outcomes for consumers, such a receiving poor value for their annuity income stream and suffering higher costs.

View HM Treasury announces government has cancelled plans to create market for secondary annuities, 18 October 2016