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Annuity
Merce
Posts: 6 Forumite
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 ?
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 ?
0
Comments
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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).I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
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.Free the dunston one next time too.0
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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 ?0
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