Budget 2015: Osborne to allow pensioners to sell their annuities

Chancellor George Osborne will further relax pension rules in his Budget on Wednesday to allow the sale of annuity contracts.

Osborne will use his speech to announce measures which will allow up to five million pensioners to sell their annuity contracts in exchange for cash lump sums. Osborne said: “There are five million pensioners who are locked into annuities they have already bought. They should have the same freedoms as we have given everyone else. “For most people, sticking with that annuity is the right thing to do. But there will be some who would welcome being able to draw on that money as they choose - the same freedom we are offering those approaching retirement in April this year. “So I am goi...