What does a Retirement Options Pack look like?

mike004

What exactly is a Retirement Options Pack?

Just had a telephone meting with Legal and General, to discuss buying an annuity. 

Prior to the meeting, I obtained an up-to-date statement of my current fund value. I thought that would be just the ticket.

But they could not proceed with the call because I did not have my Retirement Options Pack in front of me. 

"What does it say at the top of your pack?", they asked.

"It should have something underlined at the top"

Last November, I  received an annual summary, together with the PensionWise booklet and some forms, in case I wanted to transfer or take my fund as cash. Maybe it's that?

MallyGirl

I suspect it will be something that explains the different options for retirement- an annuity being just one. 

xylophone

https://www.legalandgeneral.com/retirement/pensions/workplace-pensions/approaching-retirement/

When you’re ready to access your pension pot with Legal & General

Even if you haven't decided which option to choose, whenever you're ready to access your workplace pension pot with Legal & General please contact us for your options pack. This will provide you with more information including your right to shop around and the necessary request forms for you to complete to tell us what you want to do. You will automatically be sent an options pack approximately four months before your scheme (or selected) retirement date.

Do you still have whatever it was you were sent in November?

mike004

xylophone said:

https://www.legalandgeneral.com/retirement/pensions/workplace-pensions/approaching-retirement/

When you’re ready to access your pension pot with Legal & General

Even if you haven't decided which option to choose, whenever you're ready to access your workplace pension pot with Legal & General please contact us for your options pack. This will provide you with more information including your right to shop around and the necessary request forms for you to complete to tell us what you want to do. You will automatically be sent an options pack approximately four months before your scheme (or selected) retirement date.

Do you still have whatever it was you were sent in November?

Yes. It contains the PensionWise booklet, a summary of my current plan value and a couple of forms: taking the pension fund as a cash sum or transfer, lump sum declaration.

My fund is with Sun Life of Canada, Legal & General handle their equity business.

xylophone

It might be helpful to read right through this which seems relevant.

https://www.sloc.co.uk/en/customer-services/faqs/how-do-i-take-my-pension-benefits/buying-a-guaranteed-regular-income-for-life-an-annuity/


There is a specific mention of L&G with regard to annuities.

We don’t offer our own annuities. Instead, we work with Legal & General, who offer a range of annuities and will honour any annuity rates that we’ve guaranteed on your pension pot, provided you meet a few conditions. To find out more, go to Legal & General’s website or call them on 0800 316 3062. Legal & General is a separate company from Sun Life Financial of Canada, so you should read their terms and conditions when you use the site.


Did your November communication come from Sun Life?

mike004

xylophone said:

It might be helpful to read right through this which seems relevant.

https://www.sloc.co.uk/en/customer-services/faqs/how-do-i-take-my-pension-benefits/buying-a-guaranteed-regular-income-for-life-an-annuity/


There is a specific mention of L&G with regard to annuities.

We don’t offer our own annuities. Instead, we work with Legal & General, who offer a range of annuities and will honour any annuity rates that we’ve guaranteed on your pension pot, provided you meet a few conditions. To find out more, go to Legal & General’s website or call them on 0800 316 3062. Legal & General is a separate company from Sun Life Financial of Canada, so you should read their terms and conditions when you use the site.


Did your November communication come from Sun Life?

Yes. They hold the fund.

mike004

It's just this Retirement Pack business that annoyed me. 

I booked the call with L&G several weeks ago. They never mentioned any "packs".

Then today, they wouldn't proceed with the call. Against the regulations, apparently, because I did not have the "pack" in front of me.

I was hoping to get something moving toay, before interest rates start to go down.

Albermarle

mike004 said:

It's just this Retirement Pack business that annoyed me. 

I booked the call with L&G several weeks ago. They never mentioned any "packs".

Then today, they wouldn't proceed with the call. Against the regulations, apparently, because I did not have the "pack" in front of me.

I was hoping to get something moving toay, before interest rates start to go down.

Pension providers have to make sure that all options are explained clearly to the client when they want to start withdrawing the pot ( by whatever method that will be ).

Otherwise the client ( as an example) may just withdraw all the money too quickly, and then complain that they did not understand it would run out so quickly. To cover themselves the provider has to be able to show that all the correct warnings were issued and different options discussed, and the client chose to ignore them. 

xylophone

a summary of my current plan value and a couple of forms: taking the pension fund as a cash sum or transfer, lump sum declaration.

Have you had a Pension Wise interview?

I am assuming that the November communication was the "four month warning" from Sun Life?

Did the information from Sun Life indicate that the options they offered were restricted and that you would need to go elsewhere if you 

wanted to take your benefits flexibly?

Did they specifically mention their tie in with L&G re annuities  and also the possibility of an open market option?

If so, it does appear that simply not having your pack in front of you as a reference while you discussed an annuity with the L&G 

representative was the problem?

Unless you should also have been supplied with a pack from L&G at the time you booked the call with them?