Govt’s secondary annuities chief exits for Brexit department

Exit-Man-Door-Depart-Leave-700.jpgThe head of the Government’s team working on the development of the secondary annuity market is to join the Department for Exiting the EU.

Catherine Zeng led secondary market for annuities unit within the Treasury.

She will be replaced by Jen Leverton.

From April 2017 consumers will be able to sell on their annuities. However, there remain unanswered questions surrounding the policy, including when advice will be required.

The Government predicts about 300,000 people – out of five million receiving annuity payments – will make use of the reforms.

The Treasury expects to bank £960m in the first two years after the launch of the market before seeing £295m leave its coffers in 2019/20 and 2020/21.