How good does the Second-Hand Annuity Market look?
Category: annuity & pensions & savings & Uncategorized
The Chancellor, George Osborne, has confirmed that from April 2016, some five million existing annuity holders will be given the right to sell their annuity in return for a lump sum. The move should give those pensioners who are already locked into potentially poor-value annuities the same freedoms as those retiring after April 2015, who will be able to spend their savings as they wish. Like any other saver taking cash out of their pension, the money will be subject to tax at their marginal rate – that is, the highest rate of income tax that they pay.
