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Financial Services

My honourable friend the Economic Secretary to the Treasury (Harriett Baldwin) has today made the following Written Ministerial Statement.

The government has today published its response to the consultation on creating a Secondary Annuity Market (CM 9046, March 2015). The response confirms that from 6 April 2017 tax restrictions for people looking to sell their annuity will be removed, giving the five million people with an existing annuity, and anyone who purchases an annuity in the future, the freedom to sell their right to future income streams for an upfront cash sum. This will extend the pension freedoms already introduced in April 2015 for those reaching retirement with a pension pot. The consultation sets out further details around how the market will work, including the comprehensive consumer protection regime.

The document has been placed in the Libraries of the House.