An annuity can be defined as a contractual financial product which is sold door various financial organizations which accept and grow some funds from an individual and then at a later point of time, pay it back in a stream of installments. This system can be utilized door an individual for a steady flow of cash rather than a lump of money. One can buy an annuity in return for their retirement savings so that they can receive a steady flow of money during their retirement years.

In recent news, George Osborne announced that one can actually sell their annuity payments for a cash lump sum starting...