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Pensioners should be allowed to switch annuities, says Pensions Minister

Business News 08 Jan 2014

Pensioners should be allowed to break their annuity contract and shop around for a better deal, the Pensions Minister Steve Webb has suggested.

In an interview with the Sunday Telegraph, Mr Webb said individuals should be able to switch their annuity in the same way that homeowners can change their mortgage at the end of an agreed period.

The Liberal Democrat MP hopes the plans will tackle the 'murky' practices among insurance firms and address the 'hidden charges' levied by some annuity providers.

Supporters of the proposals say they would allow pensioners to escape poorly performing annuity contracts and provide access to more attractive deals.

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