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On 18th March 2016 the Government Scapped Plans to allow you to sell an existing annuity in payment
The information on this website is no longer current
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On 18th March 2015, the Government announced via its Budget Statement that annuity customers would have the opportunity to sell their annuity in exchange for a cash lump sum. This would have allowed pensioners to trade in their regular pension income in exchange for a cash lump sum.

However in October 2016, the Government took the decision to completely abandon these plans.  The Treasury said it was scrapping the plans because it had become increasingly clear that “creating the conditions to allow a vibrant and competitive market to emerge, with multiple buyers and sellers of annuities, could not be balanced with sufficient consumer protections”.

It added: “Consumer protection is a top priority for the government, and we are not willing to allow a market to develop which could produce poor outcomes for consumers, such as receiving poor value for their annuity income stream and suffering higher costs.”

So sadly you will not be able to sell your annuity for a cash lump sum next April – or any time after that for the foreseeable future.

This will not be of any comfort to customers who really need a lump sum now. In such a case after exploring all other alternatives, and if a customer owns their own home, they may be left with the only option of using Equity Release. This provides customers with an immediate lump sum based on the value of their home. Typically, the amount you receive is limited - it will not be for the full value of your home. Most importantly there are a number of important protections built in for customers. The key guarantees are that you can live in your home for the remainder of your life and that the debt cannot be more than the value of your property at the time of your death. You do not have to repay anything towards the loan during your life. On the death of the last property owner the original loan, plus interest added over the years, is owed to the lender.

In this case it is more than likely that your children will have to sell the house to repay the debt. For this reason, Equity Release is something that should be discussed with the wider family before you take it out.

If you would like more information on Equity Release then please use the link below to visit one of our websites, where more information can be found. You can also produce and print an equity release quote to give yourself an indication of costs and charges and the long term impact of interest.

It only remains for us to thank you for trusting us and signing up to our service. If you ever require any help or assistance, we are always available.

Thank you for interest in our business

On 18th March 2015 the UK Budget Statement Confirmed Existing Annuity Customers will have the opportunity to sell their annuity in exchange for a cash lump sum.

There is considerable interest from people in the UK regarding the announcement from the Government that it will soon be legal to sell and existing annuity in exchange for a one off lump sum payment. Many people who have previously purchased an annuity felt that they had no other alternative available to them. Many feel that they would be able to make better use of a lump sum, rather than the regular guaranteed income available from an annuity.

While these plans have yet to be made law, you can register your interest here and we will keep you updated with progress and when important announcements are made. This will place you at the front of the queue if this becomes law.

To register your interest in cashing in your annuity please click here

There are no costs to register and there are no other charges to receive information that may be useful to you. If and when it becomes legal to cash in your annuity then, if you decide that exchanging it for a cash lump sum is suitable for you and you instruct us to act for you, then we will earn a fee at that point. However we are keen to stress there is no obligation to use us.

Important : Your annuity is designed to provide you with a guaranteed income in retirement. This income will continue to be paid for as long as you live. If you sell your annuity you may not have a sufficient level of income to sustain your lifestyle in retirement. It is likely to be the case that the value of the lump sum you receive will be less than you would have received if you had kept your annuity and died in line with your life expectancy at the time you took out your annuity.

In January 2015, in an interview with The Daily Telegraph, Pensions Minister Steve Webb said pensioners and major insurers had shown support for the plan, which could see retirees sell their annuity for an up-front cash payment. The changes would also create a “second hand” annuity market, allowing insurers and other firms to bundle up individual annuities and sell them on in bulk.

Webb said: ““I want to see people trusted with their own money wherever possible. I have already heard from people around the country who would like to see this change made. I want to see if we can get these freedoms extended to those who are receiving an annuity but who might prefer a cash lump sum."
July 2015 : Following the recent budget statement, after consultation with the Insurance industry the Government have decided that you will not be able to sell your annuity until 2017.
Freedom for people with an annuity
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"Well we’ve already given freedom to people saving for a pension. What we’re going to do today is give freedom to the 5 million pensioners who have an annuity. Now for many of them, that will be the right thing to have. But some will want access to that money, so we’re going to change the law. It’s all part of trusting people who’ve worked hard and saved hard all their lives. It’s all part of having a long-term economic plan where we build our country on savings and investment."
George Osborne - 15th March 2015

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Please Note : The government are currently considering plans to allow individuals to sell their annuity for a cash lump sum. We cannot guarantee that these changes will take place nor that you will be able to take advantage of this legislation if it becomes law. These proposals do not apply to the State Old Age Pension.
We are an internet retirement business. We help people with all kinds of retirement issues, We take great pride in what our customers say about us.
Drawdown Testimonials

”Considerate, conscientious and confidence-inspiring”

From the start Bob and his team let us know that they understood our nervousness about deciding what to do with our pension fund.  We were never put under any pressure to make a decision; on the contrary,  the team were considerate of our need to take our time to think about what we were doing and be satisfied that we were doing the right thing.  It didn’t seem to matter how many questions we threw at them – they always replied promptly and in as much detail as necessary and they were always ready to help further.

Indeed, we were very impressed by just how conscientious they are.   We received emails and paperwork accompanying every step we took and it would be no exaggeration to say that no efforts were spared to make sure that everything was documented down to the last detail.

Bob and his team inspire confidence and do so in a way that is friendly and familiar.  We’re confident that we’ve found someone who understands what’s going on in the pension industry and is able to help us make our own decisions about how best to invest our fund.   And we’re happy that this person is someone who’s always very approachable  and ready  to do what he can to help his clients. 

Mr V. S. - Prague
January 2015
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Please Note : Some of the ideas and concepts discussed on this website are not yet law and may not become law. There is still the possibility that some or all of these changes could be altered or cancelled as the changes announced by the Chancellor of the Exchequer have to be passed by Parliament. We cannot be held liable for any action taken by a customer in anticipation of the proposed legislation becoming law.
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This website DOES NOT contain personal advice based on your circumstances.
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