Open Market Annuity income

Albrecht

Hi,


Does anyone know which insurance companies offer Open Market Annuities for people in normal health with a pension fund value of just over £7,000?



It comes from a personal pension which was set up with a single payment several years ago.


Many thanks.

Paul_Herring

if all that's in there is £7k, then you may (should?) be able to withdraw it as a lump sum (subject to taxation, age, etc.)

https://retiready.co.uk/retirement-income-planner/options/pension-small-pots.html

Alternatively, merge it with another fund you have.

I'm presuming, of course, that the fund itself is worth 'only' £7k, and not a much larger sum you've been informed that may pay out £7k *per year*... (I. E. On the order of £200k, in which case it has a different answer. )

dunstonh

Does anyone know which insurance companies offer Open Market Annuities for people in normal health with a pension fund value of just over £7,000?

Most wont but it is possible. However, that sort of amount is small pots territory (i.e. take the money as a lump sum).

GDB2222

It costs a lot to administer an annuity for life, and that cost will be allowed for in the annuity quotation. Even if you find a company prepared to quote, the income may be very poor after the costs deduction.