Help-Pension payout imminent

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EdInvestor wrote: »

This is likely to be because the GAR only applies if you take it now - it will lapse if you leave if for 5 years.Normally they only apply at the selected retirement date and on the terms in the original document..
If the GAR does not allow for this, then you will have to let it lapse if you want this bell/whistle.
Look up what it says on your original document or ring them again . What annuity rate does it specifiy? They are not going to persuade you take the option which is going to cost them a load of money if there's a chance you will choose the one that doesn't!
The indications are this is a normal GAR, single life, no spouse pension, at a specific annuity rate somewhat higher than the prevailing rate, so a good deal which you should take.

Went to see a pal who is an IFA who advised that I ignore taking the tax-free lump sum , as getting approx. 9.7% return (before tax) on the total fund was a fantastic rate and advised ringing and just getting a couple of other specific quotes on putting the whole sum into an Annuity at 60 , so I asked for :

a) no lump sum, paid advance, 3% yearly, 5 year Guarantee, 50% for spouse on my death

b) same without 50% for spouse.

I assumed they would give me the quotes over the phone but no , it has to be posted ! 3-5 days to receive !

The help desk said that the GAR applied to all the options and also is not age specific.

So waiting for this and also the projection if taken at age 65 to arrive in post.
How hard would it be for Scot Mutual to give an A4 sheet with a page full of various options instead of sending only 2 examples ? It would alleviate numerous phone calls , I was in a call queue for 20 minutes as it was before getting through.

Also waiting for a Certificate Of Policy Details as I have yet to find the original policy document ( being self employed need to trawl through 25 years of paperwork to find it ). I know ,I know , I know , it should have been in a safe place and typically its the only doc. I can't immediately locate.

They did email me a Guaranteed Annuity rate table that unfortunately isn't like-for-like as this example is paid in arrears and without the 5 year Guaranteed payment as in their original quote on the offer letter.
Not sure how I can actually glean any info from this , so any guidance welcome !

Guaranteed Annuity Rates :
Annuity Equivalent to each £1,000 of cash sum

Age Males (£) Females (£)
60 97.00 84.00
61 99.00 86.00
62 101.00 88.00
63 104.00 90.00
64 107.00 92.00
65 110.00 94.00
66 113.00 96.00
67 117.00 99.00
68 121.00 102.00
69 125.00 105.00
70 129.00 108.00
71 134.00 111.00
72 139.00 115.00
73 144.00 119.00
74 150.00 124.00
75 156.00 129.00

The above rates apply when the pension is payable annually in arrears with nil guarantee on a single life basis.