Annuity Help Please

pinkdragon

I have a small annuity worth 20k and have literally sent off the paperwork this week to take the 5k cash and the rest in a small annuity. But because of the new budget, does this now mean I could now take the whole 20k? If so, would it be too late to ask for this? It would be a welcome amount to pay off some of the mortgage :T

Linton

From the end of this month you could take the £20K as taxed cash after the 25% lump sum if that is your only pension provision. If you have other significant pensions then that option wouldnt apply. The other option would be to wait until after April 2015, in which case you again could take it all as taxed cash if the current proposals out for consultation are actually implemented.

PS Option 1 only exists if you are 60 at more.

pinkdragon

But because the paperwork has been signed and sent away to take a monthly annuity on the remaining amount, does this not preclude the possibility of taking it as a lump sum? I remember reading once done its irreversible

armour

phone them now and cancel.

pinkdragon

Just looked, we have 30 days to reconsider from the date of submission. Good idea! Will ring first thing tomorrow. Thankyou Linton and armour

armour

How'd you get on with the cancellation PD?