annuity versus cash

sidalan

can anyone help with a problem I am having with STANDARD LIFE. I have two small annuities totalling about £9,000. they are already running as I am 66 years old. Under new rules I thought I had a right to ask for the cash instead of the annuities,which are pathetic, but STANDARD LIFE have said"It is not oiur policy to do this".Do I have a right to demand the money or not?

Paul_Herring

sidalan wrote:

they are already running as I am 66 years old.

Do you mean you've already bought the annuities with the pension fund?

sidalan wrote:

Under new rules I thought I had a right to ask for the cash instead of the annuities,which are pathetic, but STANDARD LIFE have said"It is not oiur policy to do this".Do I have a right to demand the money or not?

If you've already purchased annuities, then no. This applies regardless of who you bought them off. (Some policies may continue to pay for a guaranteed time after you've died, or pay a spouse after your death, but this is the extent to which you can 'get the money back'.) Basically, once you've purchased an annuity, there's no going back. This isn't peculiar to Standard Live.

If you haven't yet purchased an annuity, and you still have the funds, that answer is still "not necessarily."

What is the name of the pension fund you have with Standard Life?

Do you have any pension funds with any other companies? If so, what is the value of them?

Have you cashed in/bought annuities with any other pensions? If so, details please?

EdInvestor

You can't have the money if the annuities are already in payment.

You might have been able to take the money under the new rules, but only if the total value of ALL your pensions (apart from state pensions) was 15k or less and you were over 60.

sidalan

thanks edinvestor, I suspected as much but its nice to know where I stand