At the moment, the new pensions freedoms don't cover people who have already purchased an annuity. However, the government announced in the March 2015 Budget that there will be a secondhand annuity market from April 2016.
It will work something like this: you will trade the remaining income from your annuity for a cash lump sum, with the buyer making you an offer for your annuity based on a prediction of your current life expectancy minus any costs and profit.
This means that your original purchase price of £69,000 will not be included in the calculations. What you get back as a cash lump sum will also be subject to income tax.
That is the idea anyway but, as it is subject to a government consultation with industry and consumer bodies, there will probably be some changes along the way.
Andrew Tully is pensions technical director at MGM Advantage