purse with money
Media playback is unsupported on your device

Retired 'could be given right to sell pension'

Retired people could be able to swap their monthly pension income for a cash lump sum under plans proposed by the Pensions minister Steve Webb.

He wants to extend changes being made to annuities which pay a fixed regular income in retirement to existing pensioners.

This would allow them a lump sum to spend on what they liked, and could be used alongside other pensions they have accumulated.

Business correspondent Joe Lynam reports.

  • 04 Jan 2015
Go to next video: Pensions changes are 'big step forward'