Annuity

Merce

I've recently taken more interest in my pension policies as I get nearer to retirement. I haven't paid into them for many years as I decided a long time ago to make my own provision in retirement.

I've found I was sold a normal pension policy 30 yrs ago but when I decided to take out a second pension policy I was sold an annuity ?

Why would anyone sell me an annuity policy when I was in my 30's, is this a case of mis-selling ? I think at the time I was told I needed a second lump sum policy if I wanted to put lump sums into my pension.

I'd now like to take a lump sum out.. Is this still possible ?

dunstonh

Why would anyone sell me an annuity policy when I was in my 30's, is this a case of mis-selling ?

There were no regulations in 1983. So, you wouldnt have been mis-sold.

However, are you perhaps making the mistake of mixing up an annuity with a retirement annuity contract? in 1983, personal pensions didnt exist and the retirement product was a retirement annuity contract (or section 226 retirement annuity contract as they are also known by).

kidmugsy

You should check the T&Cs carefully. They might include the possibility of taking a tax-free lump sum bigger than the usual 25%; they might include a guaranteed annuity rate much bigger than you'd get today.

Merce

kidmugsy wrote: »

You should check the T&Cs carefully. They might include the possibility of taking a tax-free lump sum bigger than the usual 25%; they might include a guaranteed annuity rate much bigger than you'd get today.

Would all this be in the policy documents ?

Merce

dunstonh wrote: »

There were no regulations in 1983. So, you wouldnt have been mis-sold.

However, are you perhaps making the mistake of mixing up an annuity with a retirement annuity contract? in 1983, personal pensions didnt exist and the retirement product was a retirement annuity contract (or section 226 retirement annuity contract as they are also known by).

I'd say I took the policy out in the mid 1990's ?