Retired 'could be given right to sell pension'

Retired people could be able to swap their monthly pension income for a cash lump sum under plans proposed by the Pensions minister Steve Webb.

He wants to extend changes being made to annuities which pay a fixed regular income in retirement to existing pensioners.

This would allow them a lump sum to spend on what they liked, and could be used alongside other pensions they have accumulated.

Business correspondent Joe Lynam reports.