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  • FIRST POST
    • Sam Best
    • By Sam Best 11th Jan 18, 8:53 AM
    • 2Posts
    • 0Thanks
    Sam Best
    Bulk Annunity Insurance
    • #1
    • 11th Jan 18, 8:53 AM
    Bulk Annunity Insurance 11th Jan 18 at 8:53 AM
    I'm a first time poster, so feel free to advise and guide me in the ways of the forum.

    A letter from Capita regarding my frozen pension has steered me to post. My occupational pension was administered by trustees who have recently advised that they have taken the decision to close the plan and transfer to a bulk annuity insurance policy (Legal and General Assurance Society). I have been assured that 'this decision does not effect your benefit entitlement from the plan' and that 'the key difference is that these benefits will be paid by L&G rather than by the plan trustee (which will no longer hold the plan's assets on trust for your benefit'.

    Should I be seeking independent FA on this change? Or does the MSE community have advice for me?

    Thanks in advance
Page 1
    • AnotherJoe
    • By AnotherJoe 11th Jan 18, 9:56 AM
    • 9,605 Posts
    • 10,683 Thanks
    AnotherJoe
    • #2
    • 11th Jan 18, 9:56 AM
    • #2
    • 11th Jan 18, 9:56 AM
    Unless the letter gave you some options such as to continue with the current setup, which sounds unlikely for several reasons, it sounds like a fait accompli and if your FA charges by the hour, a waste of money.

    If you had options they would be legally bound to inform you of them so assuming they haven!!!8217;t, I don!!!8217;t see there is anything you can do any more than when a mortgage company sells your mortage onwards,
    Last edited by AnotherJoe; 11-01-2018 at 5:57 PM. Reason: stupid autocorrect typos
    • Linton
    • By Linton 11th Jan 18, 11:54 AM
    • 9,395 Posts
    • 9,529 Thanks
    Linton
    • #3
    • 11th Jan 18, 11:54 AM
    • #3
    • 11th Jan 18, 11:54 AM
    The transfer does not seem to have disadvantaged you in any way. It has the benefit to you that an L&G pension scheme is far less likely to run into financial difficulties at some time in the future than what I would guess is a relatively small company scheme. So basically good news.
    • Sam Best
    • By Sam Best 11th Jan 18, 2:46 PM
    • 2 Posts
    • 0 Thanks
    Sam Best
    • #4
    • 11th Jan 18, 2:46 PM
    Thanks
    • #4
    • 11th Jan 18, 2:46 PM
    Many thanks for your responses they're appreciated. Goes to prove I need to educate myself on pensions!
    • sandsy
    • By sandsy 11th Jan 18, 5:26 PM
    • 1,337 Posts
    • 803 Thanks
    sandsy
    • #5
    • 11th Jan 18, 5:26 PM
    • #5
    • 11th Jan 18, 5:26 PM
    It probably makes your benefits more secure. Nothing to worry about.
    • xylophone
    • By xylophone 11th Jan 18, 6:35 PM
    • 25,577 Posts
    • 15,105 Thanks
    xylophone
    • #6
    • 11th Jan 18, 6:35 PM
    • #6
    • 11th Jan 18, 6:35 PM
    https://www.longevitas.co.uk/site/informationmatrix/theinsandoutsofbulkannuities.html

    might be of interest.
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