Budget: Secondary annuity market launch pushed back

The implementation of a secondary annuity market will be delayed by a year to 2017, Budget papers have confirmed.

The reforms had been expected to take effect from April 2016. The Treasury has also confirmed that Pension Wise will be made available to all those over the age of 50.

Partnership head of product development Mark Stopard says: “While the delay in implementing the secondary annuity market to 2017 may not be welcomed by some, it will give all concerned time to build a system which is robust and provides the in-depth package of safeguards that consumers need.   Making the choice to sacrifice a guaranteed income should not be made lightly or without proper assistance.

“The decision to extend the Pension Wise service to those aged 50 and over is excellent news and should be welcomed.  While it is obviously not ideal to wait until your fifties to start planning retirement, guidance will help those who have, improve their later life financial outlook.”