Reclaiming Capital Sum from an Annuity with Rothesay

Tons700%

On behalf of my father.  He has an Annuity from Rothesay which pays out just over £200/year which he took out for his wife in the early 90s.  He is keen to get back the capital sum to help pay for care home fees for his wife.  However, he's now discovered it's 'non-communicable' and that's what he would have signed up to.  What escape clauses are open to him to recover this capital?  Is there a sliding scale of fees that Rothesay is likely to charge for repayment of the capital sum?

Albermarle

If it is a Lifetime annuity , then he can not change it at later date . 

Tons700%

Hi Albermarle.  Many thanks for your advice and very swift reply.

dunstonh

He is keen to get back the capital sum to help pay for care home fees for his wife. 

There is no capital sum.  

 What escape clauses are open to him to recover this capital?

None, because there is no capital.

Is there a sliding scale of fees that Rothesay is likely to charge for repayment of the capital sum?

No. because there is no capital.

When he bought the annuity, he exchanged the capital for a guaranteed income for life.  The capital ceased to exist at that point.

Old_Lifer

I think you mean the annuity is  'non-commutable'. 

Tons700%

Thank you both for your help.  Sadly, my mother/his wife, passed 2 years ago, but these comments will help reinforce what has happened here.  Kind regards.