Backing out of an annuity ?

Debutante

I had a small pension mature some years ago and I was told I had to buy an annuity.

I am aware that you are no longer forced to do this but is there any way I can get out of this one ?

Also, I believe that my health should have been taken into account at the time I took it out but it was not. As it has turned out I have had some quite serious health problems since which would have got me a much better deal had I known about them.

Any advice or help would be much appreciated

Cheers
Paul

molerat

Not outside of your 30 day short term right to cancel unless the cash value would be worth less than £10K where you may have the option at the provider's discretion.


Whether you have the right to complain about not being offered an enhanced annuity on health grounds is a whole different subject.

dunstonh

Also, I believe that my health should have been taken into account at the time I took it out but it was not.

Did you buy the annuity via an adviser or salesforce? Or buy just what the provider offered?

As it has turned out I have had some quite serious health problems since which would have got me a much better deal had I known about them.

If they were not known at the time, it wouldn't have made any difference.

Debutante

dunstonh wrote: »

Did you buy the annuity via an adviser or salesforce? Or buy just what the provider offered?



.....

IIRC I just bought the product offered. It was a while ago so I cannot be certain. I will phone them and see what info I can get.