bought Annuity last year - can I cash this in with new budget rules?

MoneySavingMission

I see that yesterday's budget mentioned that pensioners will no longer be forced to buy an annuity. I bought mine last year, how does this new feature impact me?
Can i cash this back in and choose to manage my own pension pot?

Murphybear

I can't see them allowing that! I am in the same boat, bought an annuity last March

dunstonh

I see that yesterday's budget mentioned that pensioners will no longer be forced to buy an annuity. I bought mine last year, how does this new feature impact me?

It doesn't affect you. Annuity purchase hasnt been required for a number of years. So, you didnt need to do it last year, you dont need to do it now and you wont need to do it next year when the rules are loosened.

Can i cash this back in and choose to manage my own pension pot?

No.

Whilst technically, the rules do allow for an annuity to be unwound, it only happens on rare occasions.

kidmugsy

If any of your annuity is surplus to requirements you could bung it into a new pension and build it up under the new rules.