pension confusion

catford

I have three pensions from previous jobs, one with Siemens, and two smaller ones with standard life.
I had to take the maximum draw down from each to pay the bills etc when I was made redundant in 2005.
I don't know the exact current value of them now but I get an annuity of £125,£26 and £6.....yes,£6 a month.:rotfl: and the two small ones with standard life never increase.
I am now 66 and have retired due to ill health.
My question is, will the new pension rules ever allow me to take some or all of the cash to spend now before I shuffle off.:eek:
Anyone?;)

ExMugPunter

I am not an expert, but I think that you are stuck with what you have I am afraid.

It sounds like you have already used your pension savings to buy the annuities. Therefore in effect, you don't have a pension pot anymore - You have traded it in for an agreement for them to pay you those amounts each month.

kidmugsy

Cheer up, at least you got the superior annuity rates available in 2005.

atush

You don't have 3 pensions any longer, you spent those 3 pensions buying 3 annuities.

So no, the new rules don't affect you.

catford

atush wrote: »

You don't have 3 pensions any longer, you spent those 3 pensions buying 3 annuities.

So no, the new rules don't affect you.

Is it likely that standard life would let me have the pot from the smallest? it must cost them a lot of admin to pay out £6 a month.
Could I appeal to the trustees/board or whatever?
One more point...I read somewhere that if your health is bad you can get extra payment. Is that true or have I missed that too?;)

dunstonh

Is it likely that standard life would let me have the pot from the smallest? it must cost them a lot of admin to pay out £6 a month.

No. Unwinding of annuities is rarely done. It tends to only happen on errors.

Could I appeal to the trustees/board or whatever?

You have an annuity now. Not a pension.

I refer you to the paperwork issued at the time that explained that this was a once only decision cast in stone for life.

One more point...I read somewhere that if your health is bad you can get extra payment. Is that true or have I missed that too?

That is correct. However, you need to buy an annuity that takes health into account. That time was when you bought it 9 years ago. It is too late now.

catford

dunstonh wrote: »

No. Unwinding of annuities is rarely done. It tends to only happen on errors.



You have an annuity now. Not a pension.

I refer you to the paperwork issued at the time that explained that this was a once only decision cast in stone for life.



That is correct. However, you need to buy an annuity that takes health into account. That time was when you bought it 9 years ago. It is too late now.

Thanks for the reply.
I suppose I should have read the small print better at the time but time was short and the bailiff was on the step:o
Perhaps I should try and find some thing to invest it in but £35 a month might as well go in bonds or even the lotto.:rotfl:

atush

Perhaps spend it on debt counselling if that is still a problem? Or the Debt free board with all the help there.

kidmugsy

One last hope. There's a firm called Phoenix which is performing an experiment involving the swapping of annuities for cash sums. You might want to keep an eye on that.

catford

atush wrote: »

Perhaps spend it on debt counselling if that is still a problem? Or the Debt free board with all the help there.

Thanks --Credit cards were going nowhere so debts are now consolidated into a personal loan which is affordable and will be paid in 5 yrs.... And I have a bit left over so I can repay earlier

atush

But if you haven't tried the debt free board they can help you trim your spending. They have a lot of great advice over there.

Even those of us w/o debt learn a lot.