article_snippet: Annuities have become increasingly controversial amid plunging rates and poor-value products.
article_snippet: Huw Evans, of the Association of British Insurers, warned of 'considerable complexities' over the tax implications of cashing in annuities.
article_snippet: Andrew Tully, of pensions firm MGM Advantage, said the idea is 'full of pitfalls', and pensioners who were sold a poor-value annuity may be offered a poor-value cash lump sum. '
article_snippet: Two wrongs do not make a right,' Andrew Tully, of pensions firm MGM Advantage said.
article_snippet: Steven Cameron, of life insurance firm Aegon, added: 'Anyone turning future annuity income into cash is giving up a guaranteed flow of income – for cash and possibly a partner's future life.
article_snippet: Swapping this for a lump sum, calculated based on a range of factors, is undoubtedly a complex and risky decision and specialist advice would be essential.'