HMRC is consulting on the proposed secondary market for pension annuities. The changes will remove current tax constraints and provide scope for individuals to sell their annuity bought with funds from a tax relieved pension pot, in return for a taxable lump sum, or for the sale proceeds to be paid to a more flexible pension product. This consultation follows last year’s consultation on the proposed policy framework, and lays out the proposed detail of the tax framework. It covers issues such as the conditions for assignment or surrender, treatment of sellers, information requirements and treatment following sale. The consultation closes on 15 June. (Source: HMRC consults on secondary annuities market)