Annuity purchase timings

Lozmaster

I've looked through as many forum posts as I can handle - Hundreds.
Anyway...I'm 65 and expecting to start receiving my State pension next August. I'll be working until then. I  have 4 DC pots from previous employments.
I'm in my employer's pension scheme, paying 6% plus my employers 9%.
Looking to do my research into annuities early next year, probably bringing it all together and buying an annuity.
If I decide on a provider other than my current employer's choice, Aviva, I'll need to start the ball rolling 2-3 months beforehand - transferring etc.
So, ideally, I'd want the annuity to start paying at the same time as my state pension. 
It's likely, or at least seems so, that there will be a couple of months' payments going into my work scheme after I've transferred everything else. 
How can I line everything up???

Dazed_and_C0nfused

Lozmaster said:

I've looked through as many forum posts as I can handle - Hundreds.
Anyway...I'm 65 and expecting to start receiving my State pension next August. I'll be working until then. I  have 4 DC pots from previous employments.
I'm in my employer's pension scheme, paying 6% plus my employers 9%.
Looking to do my research into annuities early next year, probably bringing it all together and buying an annuity.
If I decide on a provider other than my current employer's choice, Aviva, I'll need to start the ball rolling 2-3 months beforehand - transferring etc.
So, ideally, I'd want the annuity to start paying at the same time as my state pension. 
It's likely, or at least seems so, that there will be a couple of months' payments going into my work scheme after I've transferred everything else. 
How can I line everything up???

You would either need to wait for the point the final contributions had been added or but the annuity prior to that and take the final contributions out separately later.

Which would trigger MPAA (the annuity wouldn't), is that likely to be an issue?

dunstonh

If I decide on a provider other than my current employer's choice, Aviva, I'll need to start the ball rolling 2-3 months beforehand - transferring etc.

Its good to be prepared but most transfers take 3-30 days nowadays.   Your current workplace scheme wont be able to transfer until after your final payroll payment has been made and the employer paid the pension. That could be almost a month after your payroll date.

How can I line everything up???

You cannot realistically.

2childmum2

Just as an example, DH retired on 23rd April. He had several different pots and the workplace pension which were all combined to buy an annuity. He was still paying into his workplace pension, so the last payment had to go into there and confirmation from his workplace that he had left had to be received by them before they would release the funds to the annuity provider. He received his tax free lump sum a couple of weeks ago, but the first monthly payment won't be until 9th July.