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Final salary pension transferred to private
Comments
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I don't understand, how can the say you have to buy an annuity when they have already given you figures for your annual pension? Where does the lump sum and £6750 pa come in to that?
The OP has already been asked this question ( see posts above) but I don't think that she understands it.0 -
Might it be that SW recognise that the (supposed) S32 will not cover the cost of the guaranteed pension and they are 'offering' the OP the chance to buy an annuity (which in all likelihood will provide a much lower annual pension).
Or, maybe I'm just being a little paranoid.Personal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0 -
I think I do understand it, but getting a straight answer from Sw is difficult.
They have offered me a guaranteed pension and have quoted the values to me. I rang them to ask what I have to do as it is available from next march, they mentioned an annuity but said they would have to put it in writing as it was too complex to discuss with me on the phone.
I have more questions to ask them and will not make changes if they are detrimental. The next statement should arrive this week, if they have to put it into an annuity to allow payment to be made to me I think I just have to make sure that they are funding this even though the pot is small.0 -
The OH has a similar situation, although with Aegon, whereby she has a S32 with a GMP (at 60) of £1230py and a fund / transfer value of approx £6k (numbers aren't exact).
I recently wrote to them requesting (re)confirmation of the annual pension and they duly provided.
The OH is a number of years away from retirement age but, I would be interested to find out how you get on / what answers you get.Personal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0 -
https://forums.moneysavingexpert.com/discussion/5587776
There was discussion of the OP's pensions in the above and I am still none the wiser.
OP, have you obtained a new state pension statement?
https://www.gov.uk/check-state-pension
Have you clarified what type of policy you have with SW following the transfer out of NWW?
It seems to me that you might well benefit from the advice of an IFA.0 -
Perhaps the OP for got about the January post Personal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0
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