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| U.K. Considers Allowing Retirees to Exchange Monthly Payments for Lump Sum Cash-Out Reuters  Jan. 4, 2015 "Older Britons who currently receive a monthly pension from an annuity may be able to sell their right to a regular income for upfront cash, under proposals being considered by the government. Last year Britain announced plans to ease requirements on new retirees to use any private pension savings to buy an annuity, which offers a guaranteed income for life.... Historically Britain has required people who have taken advantage of generous tax breaks to build up private pension savings to buy an annuity on retirement, so that they do not end up a burden on the state." |
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