If you’ve already bought an annuity

The rules on selling an annuity will no longer change in 2017.

Once you’ve bought your annuity you only have a short period when you can still change your mind (in most cases 30 days). After that you can’t change your decision.

If you sell your annuity after this period, any money you get from the sale will be treated as an ‘unauthorised payment’. You could pay 55% or more tax on the money you get from the sale of your annuity.

Get financial advice if you need more information about selling an annuity or contact the Pensions Advisory Service.