Scrap the cap - OMW proposes secondary annuity compromise

The group's proposal followed the government's decision last week to scrap plans to create a market for secondary annuities on the grounds this "could not be balanced with sufficient consumer protections". Professional Adviser understands a number of annuity providers want to push back against the decison but only OMW, which itself has no set plans to lobby the government, was willing to go into details of how a compromise solution might be achieved. Under the current rules, an annuity may only be sold back to its provider if it has a cash value of £10,000 or less. Any other sale woul...