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Able to merge annuities?
CannyJock
Posts: 3,838 Forumite
I'm helping a retired aunt sort out some credit card/bank account/ISA queries tomorrow. Also helping her do a load of price comparisons to see if money can be saved on utilities etc - basic money makeover stuff.
Have a general question on annuities, pensions not being my area.
At the moment she receives annuities from 4 separate sources. Generally speaking, are annuities transferrable between providers? Would there be any mileage in doing this as a way of trying to get a greater return by consolidating them?
If she's stuck with them then fine, can help her with the money saving things, and obviously she'd take detailed advice from an IFA before making changes. Just want to know if it's even possible.
Thanks in advance.
Have a general question on annuities, pensions not being my area.
At the moment she receives annuities from 4 separate sources. Generally speaking, are annuities transferrable between providers? Would there be any mileage in doing this as a way of trying to get a greater return by consolidating them?
If she's stuck with them then fine, can help her with the money saving things, and obviously she'd take detailed advice from an IFA before making changes. Just want to know if it's even possible.
Thanks in advance.
"A child of five could understand this. Fetch me a child of five." - Groucho Marx
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Comments
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dont think so not once they are in payment unless they are only temporary annuities0
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Assuming they are lifetime annuities or compulsory purchase annuities (from pensions) then its too late. The combining needs to be done before you commence benefits.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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