Second Hand Annuities

Les9Genesis

Back in 2011 the goverment had announced that 25% of a pension could be taken as a cash lump sum which is what I did. I did not fully understand that the remaining 75% being used to purchase an annuity could not be accessed again. In later years pensioners were given the right to withdraw all of their pension pot.
As I am in falling behind with my mortgage and facing repossesion, my question is.. does anybody know how I can get my hands on that money, pension companies are reluctant to or will not assist. Surley there must be a way that this is possible. HELP!

Malthusian

Back in 2011 the goverment had announced that 25% of a pension could be taken as a cash lump sum which is what I did.

Annuities are irreversible. There was some chat in 2015 about how the Government would allow people to sell their annuities second-hand, but this quickly died a death when they realised it was an incredibly bad idea.

The Debt-Free Wannabe board will be far more useful to you in helping you get your debt under control and understanding your options.

Why did you buy an annuity? If you just wanted the tax free lump sum you could have put it into income drawdown (or unsecured pension as I think they were calling it at the time). If you took advice it sounds like a missale. If you didn't then that's just spilt milk.

There was no Government announcement in 2011. Tax free lump sums have been part of UK pensions since they became a thing, and people have been free to buy an annuity at any time of their choosing since the 90s (I think).

dunstonh

Back in 2011 the goverment had announced that 25% of a pension could be taken as a cash lump sum which is what I did. I did not fully understand that the remaining 75% being used to purchase an annuity could not be accessed again

There were no announcements in 2011 by the Government that you could take 25% of the pension and buy an annuity with the 75%.     The pension legislation on that was back in 1987 effective from 1988.

How did you not understand that you were giving up the capital in exchange for an annuity?  It was all over the documentation and risk warnings on paperwork in 2011.

There was a potential alternative of drawdown back in 2011 but typically it was only available via advisers and not with non-advised cases (i.e. if you didn't see an adviser then you wouldn't have been offered that option).    If you just took the annuity with the existing pension provider then it was your choice.

does anybody know how I can get my hands on that money, pension companies are reluctant to or will not assist. Surley there must be a way that this is possible

No.  An annuity is cast in stone when purchased.   You give up the money in return for a guaranteed income for the rest of your life.   There is no going back.

HELP!

The pension is a dead-end for you.   What you really need is debt support and advice.   This site has a very good section called the debt-free wannabee board and you could post there to get help about repaying and servicing debt.

edit:  Malthusian just beat me to it!

penners324

The annuity is paying out?

Marcon

Les9Genesis said:

Back in 2011 the goverment had announced that 25% of a pension could be taken as a cash lump sum which is what I did. I did not fully understand that the remaining 75% being used to purchase an annuity could not be accessed again. In later years pensioners were given the right to withdraw all of their pension pot.
As I am in falling behind with my mortgage and facing repossesion, my question is.. does anybody know how I can get my hands on that money, pension companies are reluctant to or will not assist. Surley there must be a way that this is possible. HELP!

It's not a case of being reluctant. They simply can't help - if you purchased an annuity, they cannot change that.