Allow retired the right to sell their pensions, says MP Steve
Reforms are to be put in place to allow retired workers to sell their pensions, declared pensions minister Steve Webb.
Under the proposed reforms, pensions, also known as annuities, could be sold to the highest bidder and turned into cash. These are seen as the most radical pensions reforms proposed in recent decades.
Webb hopes retired workers will be able to sell their annuities from April this year.
He said: “I want to see people trusted with their own money wherever possible.”
He has received encouragement for his pension plans with many throughout England hoping to see this reform implemented.
Webb added: “I have heard from people around the country who would like to enjoy similar freedoms to the freedoms set to be enjoyed by those who have yet to crystallise their pension savings.”
These reforms will appeal to those who have worked for several employers over the course of many decades and have more than one pension in place.
In order for the plan to take place, Webb needs the support of Labour so that the reforms can be carried out by the next parliament regardless of the next election result.