Old Scottish Amicable pension Annuity

Princess15

should the Pru have contacted me in advance about my maturing policy which matured on my 60th b/day 10 /12/11, all they say is that they would not have contacted me until my 75th b/day, can this be write when all the informaton points to 10/12/11, I am now rushing to secure the write pension quote.:mad:

dunstonh

On assumes you are referring to a section 226 retirement annuity contract (and not a mortgage or endowment which this section deals with).

all they say is that they would not have contacted me until my 75th b/day

They send out a statement every year but will not issue pension commencement information until the nominated scheme age. It is very common for RACs to be written to age 75 and allow people to choose when they wish to commence the pension.

Remember that example projections to a certain age are not the same as the maximum scheme age.

I am now rushing to secure the write pension quote.

Why are you rushing? If you were desperate you would have started this around 3 months ago. If you dont need it, then deferring it may be better (often good reasons to do that on some old RAC contracts). If you are not desperate then you dont need to rush.

Princess15

Yes you are probably right about them letting me know.
It was taken out in 1980 with 29 yrs written on the schedule, we should obviously have been more pro active and contacted them, we needed probably about 4mnths notice to consider the annuity, but you don't automatically know that.

dunstonh

Why do you need 4 months?

Pru take about 2 weeks to get the figures out. You typically can get an IFA to look at them within a week or two to see if the open market option can beat them or if not complete the forms for you. Pru then issue within a week and pay in advance.