Alongside the Budget the Government published a consultation on proposals to allow pensioners to effectively sell their annuities by assigning their annuity income to a third party.
This is intended to allow people who have already purchased annuities with their defined contribution pension savings access to the same extensive flexibilities which were introduced for defined contribution (DC) pensions savings from 6 April this year. It is proposed that the ability to assign will be subject to the consent of the annuity provider. The consultation states that the Government is not inclined to permit annuity providers to buy back their own annuities, but the consultation seeks views on this issue. The consultation closes on 18 June 2015.