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  • 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
    • 1,578 Posts
    • 1,144 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
    • 94,517 Posts
    • 62,466 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
    • 26,489 Posts
    • 15,730 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
    • 4,619 Posts
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    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
    • 2,919 Posts
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    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.
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