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Pension advice needed please
pagangirl
Posts: 391 Forumite
I am 60 years old, have just had 2 pensions merged into an annuity through a financial advisor. Have just taken 25% tax free and am getting a monthly allowance from the remainder = £32,987.22
Am totally confused by new government regulations
- does this mean I will be able to take the rest out at some point - or do I have to leave it the way it is?
I am not due to receive state pension until July 2018.
Any advice gratefully received
Am totally confused by new government regulations
- does this mean I will be able to take the rest out at some point - or do I have to leave it the way it is?I am not due to receive state pension until July 2018.
Any advice gratefully received
When you get to the end of your rope, tie a knot and hang on :eek:
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Comments
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If you've already chosen to go the annuity route, and are out of the cooling off period, then you have no way to "unbuy" what you have already bought.
Didn't the IFA or annuity provider contact you to suggest you look at other options?I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
errrrm nope - what's a cooling off period???When you get to the end of your rope, tie a knot and hang on :eek:
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Annuities have a 30-day cooling off period, which some providers have extended to 60 days due to the announcements in the budget on March 19th.
When did you sign the annuity paperwork? When did the annuity commence? How long after March 19th did you wait before contacting your IFA and/or annuity provider to try and pause/cancel?I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
I guess you've read and digested a few articles such as this one?
http://www.thisismoney.co.uk/money/pensions/article-2586172/How-cancel-annuity-Budget.htmlI am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Thanks for this info - need to go dig out all the paperwork!When you get to the end of your rope, tie a knot and hang on :eek:
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A lot of the extended cooling offer periods expire in the next few weeks.
Providers have been contacting annuitants to let them know about the extended cooling off period if it applies to them. If it has already expired pre budget then its too late.
You can contact your adviser if you want to know the revised options.Am totally confused by new government regulations - does this mean I will be able to take the rest out at some point - or do I have to leave it the way it is?
As it stands you have your 25% and a guaranteed income for life. You cannot exercise triviality as you are over £30k. You may be able to hand the 25% back and stop the income and wait until next year.
Are you retired? (i assume you are as you dont typically take the pension unless you need it - however some people take them whilst working - typically to access the lump sum)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
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