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Minister: Retired 'could be given right to sell pension' Minister: Retired 'could be given right to sell pension'
(about 7 hours later)
Retired workers could be given the right to sell their pensions under plans floated by the pensions minister.Retired workers could be given the right to sell their pensions under plans floated by the pensions minister.
From April, working people will be able to cash in their pension savings for a lump sum when they retire.From April, working people will be able to cash in their pension savings for a lump sum when they retire.
Liberal Democrat Steve Webb told the Sunday Telegraph he wanted to extend the scheme to existing pensioners.Liberal Democrat Steve Webb told the Sunday Telegraph he wanted to extend the scheme to existing pensioners.
That would allow them to sell the annuities they had been required to buy under the old rules to the highest bidder.That would allow them to sell the annuities they had been required to buy under the old rules to the highest bidder.
Mr Webb said: "I want to see people trusted with their own money wherever possible. I have already heard from people around the country who would like to see this change made."Mr Webb said: "I want to see people trusted with their own money wherever possible. I have already heard from people around the country who would like to see this change made."
He said nobody would be obliged to receive a cash lump sum.He said nobody would be obliged to receive a cash lump sum.
"But for those who would prefer up-front capital to regular income, I can see no reason why this should not be an option," he added."But for those who would prefer up-front capital to regular income, I can see no reason why this should not be an option," he added.
Mr Webb said he would like to launch a public consultation and publish a coalition agreed plan before May's general election.Mr Webb said he would like to launch a public consultation and publish a coalition agreed plan before May's general election.
He indicated he would seek support from Labour to ensure the plans could be carried early in the next parliament, regardless of who is in government.He indicated he would seek support from Labour to ensure the plans could be carried early in the next parliament, regardless of who is in government.
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