KPMG's Pensions Partner, David Fairs, responds to the government's decision to abandon plans to allow retirees to sell their annuities on a secondary market.
Responding to the Government’s decision to abandon plans to allow retirees to sell their annuities on a secondary market, David Fairs, Pensions Partner, KPMG UK, welcomes the decision saying:
“Whilst scrapping the secondary annuity market is bad news for those who were effectively forced into buying an annuity before the freedom and choice measures came along, ensuring adequate consumer protection was always going to be difficult. If the Government had gone ahead with the secondary annuity market then many consumers would likely have missed out on getting fair deal due to a reluctance, or inability, to pay for the professional advice many of us need.”
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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff. The UK firm recorded a revenue of £1.96 billion in the year ended September 2015. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 174,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.