Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Tony77_77
    • By Tony77_77 16th Apr 18, 6:10 PM
    • 2Posts
    • 3Thanks
    Tony77_77
    Annuities
    • #1
    • 16th Apr 18, 6:10 PM
    Annuities 16th Apr 18 at 6:10 PM
    In 2014 I purchased an annuity with Scottish Widows, I had 70,749.00 from my company pension. As I was no longer working for the company I was given a couple of options , the one I took was a cash sum of 17,687.25. And the remainder was used to purchase an annuity 53,061.75. I receive 214.59 -42.80 tax, net paid 171.79. I feel that I am not getting value for money and could put the lump sum to better use. I am hoping someone can give me some advice.
    Kind Regards
    Tony Webb
Page 1
    • Brynsam
    • By Brynsam 16th Apr 18, 7:15 PM
    • 922 Posts
    • 604 Thanks
    Brynsam
    • #2
    • 16th Apr 18, 7:15 PM
    • #2
    • 16th Apr 18, 7:15 PM
    I'm afraid that once you've bought an annuity, that's it - you cannot change it.
    • dunstonh
    • By dunstonh 16th Apr 18, 7:28 PM
    • 92,581 Posts
    • 59,890 Thanks
    dunstonh
    • #3
    • 16th Apr 18, 7:28 PM
    • #3
    • 16th Apr 18, 7:28 PM
    I feel that I am not getting value for money and could put the lump sum to better use.
    The decision needed to be made back in 2014. Its too late now.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • xylophone
    • By xylophone 16th Apr 18, 7:41 PM
    • 25,371 Posts
    • 14,967 Thanks
    xylophone
    • #4
    • 16th Apr 18, 7:41 PM
    • #4
    • 16th Apr 18, 7:41 PM
    Are you still employed?
    • westv
    • By westv 16th Apr 18, 8:02 PM
    • 4,525 Posts
    • 2,122 Thanks
    westv
    • #5
    • 16th Apr 18, 8:02 PM
    • #5
    • 16th Apr 18, 8:02 PM
    Isn't the OP talking about the 17k lump sum rather than the annuity? If they are, the thread title is very confusing.
    • Dazed and confused
    • By Dazed and confused 16th Apr 18, 8:45 PM
    • 2,557 Posts
    • 1,226 Thanks
    Dazed and confused
    • #6
    • 16th Apr 18, 8:45 PM
    • #6
    • 16th Apr 18, 8:45 PM
    And is the 214.59 the annual amount or monthly?

    The fact that basic rate tax is being deducted does suggest the op has another source of income.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,210Posts Today

7,164Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin