Pension annuity rip off

Mr_BARGAIN_2

Well martin thanx for the disappointed advice you gave on radio 2 today with ref to people who took annuities out over the last few years and are now feeling totally betrayed by this so called coalition government and can't wait for the 6th to see if they will help some 5 million annuity customers into buying are annuity rather than sell it to cowboy sharkes I await the governments response but I won't hold me breath with joy

atush

What are you on about?

What would have been different under labour (who I assume you now prefer)? will they make things better for you? Will they allow you (who missed the cutoff having already bought your annuity sell it?) Hello? I dont think so. But the conservatives realize some like you might be caught and have offered this.

If it would be in your interests to do so (and if you should have bought an annuity anyway as it was the best deal for you) I dont know as your rant did not include enough information to tell.

Did you declare any health problems that would limit your life expectancy? (LE) Do you have a spouse? did you know that if you did have health problems and they didn't ask you before you bought your annuity you may be able to make a complaint and be redressed?

I understand your disappointment, but I also think you have misplaced your anger. Just because someone decided to give pensioners the ability to control their destiny, and you decided to retire just before that, it not their fault- it is your bad timing/luck. did you have to retire then and buy an annuity? Or did you choose to?

and if you think the choice of what to do with your pension would have been given to you by the alternate party, I think you are sadly wrong.

dunstonh

Well martin thanx for the disappointed advice you gave on radio 2 today with ref to people who took annuities out over the last few years and are now feeling totally betrayed by this so called coalition government

You havent had to buy an annuity for almost 10 years. So, this coalition Govt did not have anything to do with your purchase.

can't wait for the 6th to see if they will help some 5 million annuity customers into buying are annuity rather than sell it to cowboy sharkes I await the governments response but I won't hold me breath with joy

Its not going to be a viable option for the majority of people even if it does come in.

Thrugelmir

Annuities serve a purpose. A guaranteed income for life is not something to be dismissed lightly. Many will come to regret their decisions in the years to come. As there's simply too many uncertainties in life to leave everything to chance.

hcb42

I know I will be drawing every cent I can out of my funds when the day comes.

dunstonh

The new annuities are now quoting. Return of unpaid value guarantees available and upto 30 years if you go for that option.

Getting 5-7% guaranteed for life and a return of some capital if you die early is going to be very attractive to many.

Aegis

hcb42 wrote: »

I know I will be drawing every cent I can out of my funds when the day comes.

If you've saved significantly for your retirement, this could be one of the worst possible strategies for getting maximum benefits from your pension.

kidmugsy

Mr_BARGAIN wrote: »

Well martin thanx for the disappointed advice you gave on radio 2 today with ref to people who took annuities out over the last few years and are now feeling totally betrayed by this so called coalition government

If you didn't want an annuity why did you buy one? And if you made a blunder, what's the point in raving about the government?

redmalc

Did the Government recommend you buy an Annuity ??

jamesd

dunstonh wrote: »

The new annuities are now quoting. Return of unpaid value guarantees available and upto 30 years if you go for that option.

Getting 5-7% guaranteed for life and a return of some capital if you die early is going to be very attractive to many.

Sure. All those who aren't told that they can get 10.4% inflation-linked with spousal pension from deferring the state pension instead of 5-7% not inflation linked from an annuity. At around state pensio0n ages annuities are such poor value for money by comparison that they are in rip-off territory for almost all potential customers.