The government has delayed plans to let pensioners cash in annuities until 2017.
In today's summer Budget, the the government said it was still committed to establishing a secondary annuity market.
But it said respondents to a consultation on the subject had said a secondary annuities market should be delayed until 2017, to ensure there was an in-depth package to support consumers in making their decision.
Aegon regulatory strategy director Steven Cameron said: "We're pleased that the government is looking to delay implementation of the secondary annuity market until 2017 and that no decision will be rushed.
"It‘s important industry and government work together to make this safe for consumers. It's also important to highlight this won't be the right option for most people.
"To ensure customers know they are dealing with reputable organisations, we believe it's vital that all those involved are regulated by the FCA."
In March the government admitted it was possible no secondary market for annuities would develop if buyers were unable to price the risk of such purchases correctly.
Partnership head of product development Mark Stopard added: "While the delay in implementing the secondary annuity market to 2017 may not be welcomed by some, it will give all concerned time to build a system which is robust and provides the in-depth package of safeguards that consumers need. Making the choice to sacrifice a guaranteed income should not be made lightly or without proper assistance."
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