Member Article

Annuity holders must get advice on re-selling

Nick Flynn, Divisional Director, Longevity at financial planners LEBC has welcomed the suggestion by Steve Webb, the Pensions Minister that pensioners be allowed to sell their annuity policies meaning that rather than a guaranteed income they get an immediate lump sum.

“What this means is that those retired people who have already bought an annuity, who would not have had the opportunity coming up under pension reforms for retirees to opt for cash over income from this April, will have the same cash option.

“It is still essential however that prospective retirees get professional independent financial advice before making any decisions or new arrangements.”

This was posted in Bdaily's Members' News section by LEBC Group Ltd .