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Final fund value?
cyclonebri1
Posts: 12,827 Forumite
Can someone please spell out for me when the final value of my pension plan will be converted to an annuity?
To explain I have signed all the relevant papers to purchase several annuities. At what date does the fund value become final?
I ask this because they received the paperwork on the 11th Jan and rates seem to be tumbling at present
Thanks,
To explain I have signed all the relevant papers to purchase several annuities. At what date does the fund value become final?
I ask this because they received the paperwork on the 11th Jan and rates seem to be tumbling at present
Thanks, I like the thanks button, but ,please, an I agree button.
Will the grammar and spelling police respect I do make grammatical errors, and have carp spelling, no need to remind me.;)
Always expect the unexpected:eek:and then you won't be dissapointed
Will the grammar and spelling police respect I do make grammatical errors, and have carp spelling, no need to remind me.;)
Always expect the unexpected:eek:and then you won't be dissapointed
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Comments
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It is the value on the day of commencement or transfer unless you are within a guarantee period.
I assume you mean stockmarket is tumbling as annuity rates are not. They have actually been creeping up a fraction but are mostly unchanged in the last few months.
If you are not invested in the stockmarket (which you would hope if you are close to commencement) then you would not be losing out.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
It is the value on the day of commencement or transfer unless you are within a guarantee period.
I assume you mean stockmarket is tumbling as annuity rates are not. They have actually been creeping up a fraction but are mostly unchanged in the last few months.
If you are not invested in the stockmarket (which you would hope if you are close to commencement) then you would not be losing out.
Yes, I am within a guarantee period, 18 days were given, but I thought that only guaranteed the annuity rate, not the fund value?
It is SM invested as my retirement was largely unplannedI like the thanks button, but ,please, an I agree button.
Will the grammar and spelling police respect I do make grammatical errors, and have carp spelling, no need to remind me.;)
Always expect the unexpected:eek:and then you won't be dissapointed0 -
It depends on the provider. Some will guarantee the value as well. It usually says on the commencement docs they send to you.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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It depends on the provider. Some will guarantee the value as well. It usually says on the commencement docs they send to you.
L&G, documentation seems to suggest that it can change up to the time it's first paid.I like the thanks button, but ,please, an I agree button.
Will the grammar and spelling police respect I do make grammatical errors, and have carp spelling, no need to remind me.;)
Always expect the unexpected:eek:and then you won't be dissapointed0 -
cyclonebri1 wrote: »Can someone please spell out for me when the final value of my pension plan will be converted to an annuity?
To explain I have signed all the relevant papers to purchase several annuities. At what date does the fund value become final?
I ask this because they received the paperwork on the 11th Jan and rates seem to be tumbling at present Thanks,
Well I certainly pick my time to convert:eek: :eek: :eek:I like the thanks button, but ,please, an I agree button.
Will the grammar and spelling police respect I do make grammatical errors, and have carp spelling, no need to remind me.;)
Always expect the unexpected:eek:and then you won't be dissapointed0 -
It may be worth you looking at income drawdown or a while instead? Perhaps defer the decision to purchase an annuity and leave the 75% invested for upto 5 years.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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Just got off the phone and my rates will be reduced by about 2-3% against the projection. It was calculated on the 11th Jan at which time the ftse was about 6300ish. For the record L&G, I don't know about others, calculate on the next working day after receipt of correct paperwork. Just glad I remembered to sign everything;)
Was considering the cancellation period but will now leave as is. Thanks for the trouble Mr DunstonH:T
Edited to add;
the final figures came through on this morning post. Lump sum down by only about £145 and pension actually up by believe it or no £1 per annum. Glad I pressed the button when I did.I like the thanks button, but ,please, an I agree button.
Will the grammar and spelling police respect I do make grammatical errors, and have carp spelling, no need to remind me.;)
Always expect the unexpected:eek:and then you won't be dissapointed0 -
Glad you made it. Others might consider switching their investments to cash or asking first, just to be certain that they get the value they expect.0
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