LONDON, March 15 Sun Mar 15, 2015 6:28am EDT
LONDON, March 15 (Reuters) - Britain will allow pensioners to cash in annuities in exchange for a cash lump sum, finance minister George Osborne said on Sunday, but insisted there would be no "giveaways" in his final pre-election budget next week.
The annuities reform follows a pensions overhaul announced last year which eased requirements on people to buy annuities as part of their pension.
"There are 5 million pensioners who are locked into annuities they have already bought. They should have the same freedoms as we have given everyone else ... So I am going to change the law to let that happen," Osborne said in a statement.
Many opinion polls put Osborne's Conservatives neck-and-neck with the main opposition Labour Party ahead of the May 7 vote.
Allowing pensioners to cash in their annuities, a step that currently faces a tax charge of 55 percent or more, could appeal to older voters who are more likely to vote Conservative.
The government said the measure would be introduced from April 2016.
In an interview on BBC television on Sunday, Osborne reiterated there would be "no giveaways, no gimmicks" in his annual budget statement due to be announced on Wednesday. "Everything we do in this budget has to be paid for," he said.
(Writing by Kylie MacLellan; editing by William Schombergie MacLellan and William Schomberg)
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