Investment - Articles - Pensioners seeking to sell their annuities say Portal

 Following George Osborne’s announcement regarding the exchange of annuities for cash, Portal Financial recorded a significant increase in the number of customers looking to sell their annuity. Osborne’s statement was a suggestion for future reforms, not a promise with immediate effect. This is just one example of a large number of cases where people have misunderstood the new freedoms and how the new rules affect their retirement plans. 

  

 Jamie Smith-Thompson, managing director of Portal Financial, said:

 “Our advisers have reported an overall increase in call volume with a number of people actively trying to sell their annuity. I believe that lots of changes to pensions made very quickly have led to confusion, and people are not clear on what their options are.”