Osborne forges ahead with second-hand annuities reform

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The Government is to press ahead with plans to allow pensions to sell-off their annuities and will unveil a consumer protection package next month.

The proposals will come as part of a response to a now-closed consultation on the reforms due in December.

The Chancellor announced plans to expand the existing pension freedoms to annuitants in the March Budget, only to delay the launch of the programme to 2017 just months later.

Earlier this month, Money Marketing revealed Treasury officials had held talks with the industry over how to advance the plans.

Money Marketing understands an option under consideration is for the Association of British Insurers to develop a portal that would connect potential buyers and sellers of annuities and facilitate transactions. The aim is to protect consumers from unscrupulous firms looking to capitalise on the market.

Another option is for deals to be facilitated through brokers.