MailonLine highlights the many people who would desperately love to cash in their small annuities, instead of receiving a small sum each month for life. Ros calls for insurers to allow this but also warns that individuals need to know the risks, such as tax to pay first. ( link to pdf )
Ros gave the keynote address at the ELSA conference discussing different aspects of Life Settlements and trends for the future of annuities.
Ros explains why she is in favour of allowing people the option to cash in their annuities, although of course there are risks if the value is poor.
Ros was interviewed on BBC Radio4 Moneybox discussing the pros and cons of enabling people to cash in or surrender their annuities if they wish to. You can listen to the debate here https://businesschampionforolderworkers.blog.gov.uk
Ros comments on Steve Webb’s suggestion that annuity customers may be allowed to cash in their annuities
Ros calculated some estimates of the value of unsuitable annuities that may have been bought in the past 10 years. There is scant data to use, but the estimates suggest at least Â£8.5bn worth of inappropriate annuities may have been bought