Steve Webb, the minister for pensions, has once again called for pensioners who purchased annuities to be given an escape route out of their plan and be allowed to take advantage of the new pension's freedoms.

The Chancellor of the Exchequer, George Osborne, announced in his 2014 budget wide ranging changes on how people can access money paid into a defined contribution, which come into effect in April 2015.

Anyone who has already purchased an annuity cannot break their contract and will be trapped in the old system.

Speaking to the Sunday Times, Webb asked, "Why shouldn't you be able to cash for it?"

"The more you think about it, the better the idea gets. Essentially, it would be pe...

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