annuity release

[anonymous-user]

my mum has an annuity around 150k, and looking at wanting to release cash lump sum. Is this possible?

[Zoon]

The Spruce goose said:

my mum has an annuity around 150k, and looking at wanting to release cash lump sum. Is this possible?

I wouldn't have thought so if she's already bought the annuity although I'm not an expert.
Lump sum before annuity isn't a problem, but not sure of the rules after.

EDIT: Appears that you can.

https://www.gov.uk/government/news/pension-freedom...

Edited by Zoon on Thursday 27th August 14:36

[PurpleMoonlight]

No you can't yet. It's at the consultation stage.

I don't see it happening at all to be honest.

[anonymous-user]

I looked and it says new rules in 2016 but this is an income exchange, someonebuys the income in exchange for money.