Annuities..again

edited 30 November -1 at 1:00AM in Pensions, Annuities & Retirement Planning
1 reply 628 views
CarmenCarmen Forumite
1.7K Posts
Part of the Furniture Combo Breaker
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Once one has bought annuities with a company, can they change to another company if they feel they are not getting a good deal?
I hope this makes sense?
Many Thanks
Carmen x

Replies

  • EdInvestorEdInvestor
    15.7K Posts
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    Hi Carmen

    Not if it's a conventional annuity.

    If it's a With profits or other investment-linked annuity, they can often (but not always) switch to a conventional annuity, but I'd have thought most contracts will stipulate using the same provider.

    The Government was talking about allowing people to move from one annuity company to another in the new pension rules coming next year, but I haven't seen any news about that.

    The life companies thought it was unworkable IIRC.
    Trying to keep it simple...;)
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