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Aviva Annuity
Welshpk
Posts: 12 Forumite
Hi
I get a very small monthly income from an Aviva Annuity which has been running since 2011. This is nowhere near enough to live on.
I was wondering if it is possible to commute this to a lump sum a to invest a better return and b to provide some capital for house alterations now I am classed as a disabled person.
Aviva intially said that this is not possible but I was told by someone else that the government had changed this recently.
Can anyone please advise
Thanks
PK
I get a very small monthly income from an Aviva Annuity which has been running since 2011. This is nowhere near enough to live on.
I was wondering if it is possible to commute this to a lump sum a to invest a better return and b to provide some capital for house alterations now I am classed as a disabled person.
Aviva intially said that this is not possible but I was told by someone else that the government had changed this recently.
Can anyone please advise
Thanks
PK
0
Comments
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but I was told by someone else that the government had changed this recently.
That person is wrong. Aviva are correct.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 -
The government considered it but on investigation found it impractical and likely to pay only low amounts, so they abandoned the idea.0
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Apparently some policies have/had a commutation clause in the small print for small annuities......though even if yours has the insurance company may still wriggle out of it.
There was an article on this about 18 months ago on another popular personal finance website.
One policyholder had an annuity with the small print clause....but at the time the insurance co said they had referred to legal advice which was that the small print only actually gave you the right to ask for this, and they then had the right to refuse......which they did.....lawyers and small print eh?0 -
The main issue on triviality with annuities is that the rules allow it but many providers wont do it unless it suits them (i.e. really trivial amounts).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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