Annuities - What Happens to Pension Pot?

Your_Hero

dunstonh wrote: »

cgzz has a track record of posting Incorrect and inaccurate information and then getting aggressive when challenged
https://forums.moneysavingexpert.com/discussion/4933007

Some of the other threads make interesting reading as well as people answering questions get ignored or when clarification is asked for, it never comes. Never any thanks either.

Interesting. So this is what prompted the enquiry to see if there's something "suspicious going on". You can't use hindsight as a measure of bad advice...even a fool is wise after an event.

Anyway, OP I think what's done is done, you can't change the annuity purchase. Best to accept it and move on, life is too short.

jem16

Your_Hero wrote: »

Interesting. So this is what prompted the enquiry to see if there's something "suspicious going on". You can't use hindsight as a measure of bad advice...even a fool is wise after an event.

I would probably guarantee that no advice was sought or used.

zagfles

dunstonh wrote: »

cgzz has a track record of posting Incorrect and inaccurate information and then getting aggressive when challenged
https://forums.moneysavingexpert.com/discussion/4933007

Didn't look like him getting agressive

Some of the other threads make interesting reading as well as people answering questions get ignored or when clarification is asked for, it never comes. Never any thanks either.

Really? Look a bit harder. Like, erm, post #5 in this thread. Bit more attention to detail needed. Again.

cgzz

Dunstonh - if you haven't got anything constructive to say then don't post inept replies.


zagfles - thank you


It is a standard AVIVA annuity. CETVs are used in divorce settlements. I just wonder how many people appreciate an annuity fixed for life does not mean the value to be taken into consideration when splitting assets is the purchase price of the annuity - it could be significantly more the longer the annuity is in payment.

usignuolo

"....your annuity will continue payment (for that period) even if you die"

So who does it pay if you die before the period is up? Your estate, your widow, your dependent, your next of kin?"

Your_Hero

usignuolo wrote: »

"....your annuity will continue payment (for that period) even if you die"

So who does it pay if you die before the period is up? Your estate, your widow, your dependent, your next of kin?"

Anyone you have nominated. If there is no-one is left, i.e. if spouse dies before you, then to your estate and possibly by a lump sum payment.

dunstonh

Dunstonh - if you haven't got anything constructive to say then don't post inept replies.

I have lots of constructive things to say. However, you do not answer constructive questions which are made to give you better answers. You give a lot of incorrect information and people go out of their way to try and answer and you either ignore them or the thread ends. That is your choice of course but it is not fair on those giving up their time to try and help.

jamesd

cgzz wrote: »

I just wonder how many people appreciate an annuity fixed for life does not mean the value to be taken into consideration when splitting assets is the purchase price of the annuity - it could be significantly more the longer the annuity is in payment.

That's the wrong way around. It's usually less, not more. That's because the number of years it has to pay out for decreases at a faster rate than life expectancy increases. Also, there's a health effect and as you get older the cost of buying the income decreases because of your personal reduced life expectancy due to less good health. But in the shorter term changes of long term interest rates can produce temporary increases instead of decreases.