Debbie Abrahams MP, Shadow Secretary of State for Work and Pensions, responding to the government’s announcement cancelling plans for a market for secondary annuities, said:

“This U-turn is yet another example of Tory chaos over pensions, cancelling plans for a market for secondary annuities a few months out from its expected implementation.

“Only last week, the Office of Budget Responsibility stated that Tory pension reforms had blown a £5bn hole in the public finances by reducing incentives to long term saving. The Tories have no answers to the problem of providing proper security in retirement. Only Labour can be trusted to protect people’s pensions.”