Am I able to choose my own annuity?

bstock

Hi,

I have been paying a small amount into a retirement annuity for many years and the final payment is due to be made this September and I will be able to draw on it the following year.

I queried why the difference was and the company explained I had taken the policy out for a fixed number of years, rather than to my 60th birthday hence the gap.

As this is a retirement annuity plan rather than a personnal pension plan does this mean I am stuck with whatever my provider offers or can I still shop around for an alternative annuity?

Thanks

Brian

dunstonh

s this is a retirement annuity plan rather than a personnal pension plan does this mean I am stuck with whatever my provider offers or can I still shop around for an alternative annuity?

You cant use open market option but you can use transfer with immediate commencement. Similar outcome, just different paperwork. (indeed, its the same process that is used for people with multiple personal/stakeholder pensions as they can rarely use open market option as well).

The only thing to note is that many S226 RACs have guarantees on them which would be lost on transfer. So, it is important to investigate if these exist.