Treasury has published its plans for creating a secondary annuity market. The plans anticipate more than five million people will be able to sell their annuity from 6 April 2017. This secondary market would:
- apply to pension annuities belonging to an individual and being held in their own name;
- require all UK-based annuity purchasers and intermediaries to be regulated by FCA;
- allow annuity providers the choice to buy back an annuity;
- extend the Pension Wise service;
- require individuals to seek independent financial advice for annuities worth above a certain threshold.