Summer Budget: Govt delays annuity trading launch amid consumer protection fears

The government has delayed the launch of a secondary annuity market amid concerns about consumer protection, it has said in its Budget document out today.

In the detail of its Summer Budget the government wrote it will push back legislation allowing annuity holders to trade in their policies for a lump sum to 2017, to ensure a "robust package" is put in place to support consumers in their decision making. The government consulted on introducing the option, first mooted by former pensions minister Steve Webb, in March, saying it wanted the changes to be in place by April 2016. The policy was designed to appease those who would not benefit from the drastic reforms which came into effect in April and gave current defined contribution pensi...