WHAT IF I WANT TO CASH IN MY ANNUITY?

AROUND five million savers who had already bought annuities were excluded from the pension freedoms in 2015 — and Money Mail is trying to help them.

Many would like to swap their small annual incomes for a more useful cash lumpsum. But under current rules it’s incredibly difficult as most annuity contracts state that they last for life. The Government had planned to launch a socalled secondary annuity market earlier this year to allow pensioners to sell their annuities for cash. But it backtracked on the plan over fears that savers would get a poor deal.

Money Mail has launched a campaign called Unlock Our Pensions, urging ministers to find another way for annuity recipients to get at much-needed funds.

We revealed that the rules say you can cash in annuities worth less than £10,000 — but only if your provider allows. It’s worth asking.

Let us know how you get on by emailing annuity@

dailymail.co.uk or writing to Money Mail, Daily Mail, Northcliffe House, 2 Derry Street, London W8 5TT.