After much consideration, a fairly extensive programme and engagement with many different kinds of human resource experts, the government decided not to move forward with any plans that would introduce a secondary annuities market.

The primary reason for this decision is that the consumer protections required could undermine the market’s development. Ultimately, creating conditions to allow a competitive market to emerge with numerous buyers and sellers of annuities couldn’t be balanced with enough protection. Although many firms have come forward and said they are willing to allow customers to sell their annuities, the government has made their voice heard.

One of the government’s top priorities is consumer protection and the government is just not willing to create circumstances that could produce poor outcomes for some people. Economic Secretary to the Treasury, Simon Kirby, said that the decision to allow consumers to sell their annuities always depended on balancing “the creation of an effective market with making sure consumers are properly protected.” He continued to say that this is not something the government can guarantee.

HR experts also point out that the government has long been preaching that for the majority of people, keeping their annuity income would be their best option.