In April 2017 the rules change and five million annuity holders can swap an income for life for a lump sumMore than five million pensioners who were forced to buy annuities will,from April 2017, be able to sell those guaranteed incomes in return for a cash lump sum, and the Treasury confirmed this week – although they are likely to fill to pay hundreds of pounds in fees to advisers.
The move,which will create a secondary market” for annuities, is seen as the next big piece of the government’s landmark pension freedoms announced by George Osborne in 2014.
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Source: theguardian.com