im confused...

alexsix21

hi would any one offer me advice or give comments please? i have an aviva annuity which 'matures' in april, i thought about transferring to my local government pension scheme by buying extra years, aviva said the value is the figure on the paperwork they sent me, but the pension scheme tell me that its likely this wouldnt be an open market option as aviva say, its likely to be a 'transfer' which may mean a penalty. Also this is probably a stupid question...but why cant i have the money and invest it as i choose? Is the local government pension a good place to go bearing in mind all thats going on at present?

jem16

alexsix21 wrote: »

i have an aviva annuity which 'matures' in april,

You don't have an annuity - you presumably have a pension. Also it doesn't mature unless you are age 75 and must make a decision on it.
An annuity is what you buy with your pension pot.

i thought about transferring to my local government pension scheme by buying extra years, aviva said the value is the figure on the paperwork they sent me, but the pension scheme tell me that its likely this wouldnt be an open market option as aviva say, its likely to be a 'transfer' which may mean a penalty.

That is probably true. If you wish to transfer you will have a transfer value.

Also this is probably a stupid question...but why cant i have the money and invest it as i choose?

You can provided that investment is another pension.

Is the local government pension a good place to go bearing in mind all thats going on at present?

One of the best even with the proposed changes.

Wheter it's the best place to transfer your Aviva pension to is a different matter and one that would have to be looked at.

dunstonh

.but why cant i have the money and invest it as i choose?

You can choose within HMRC rules. Some of which are in place to protect people from making mistakes about a subject they dont understand.