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I have just joined the Community here for your thoughts and we thank you in anticipation of any help you may give. We had a questionnaire from Abbey Life regarding enhanced annuity. They state on the bottom of the letter with the enclosed questionnaire - 'Abbey Life did not offer enhanced annuities, but one may have been available to you from another provider if you were eligible, and therefore you may be due compensation.' So we wrote to them saying we consider we may have been entitled to an enhanced annuity via an Independent Financial Adviser. (They do say this questionnaire is in relation to the purchase of your Abbey Life - Joint Annuity.) They have now phoned because of the letter and we have arranged to talk to them Friday afternoon. 1. My husband had a Waiver of Contributions implemented as a result of an accident before he reached retirement age. He does not get a huge amount because he only took out what we could afford at the time . We had hoped to increase it over time, because his employer did not offer one, even so we were pleased we did a Waiver of contributions option. Note: He went onto have a TIA and now has a pacemaker. I also went onto have breast cancer in 2007. 2. Looking at the questionnaire in our mind it was not relevant - we thought he was committed to Abbey Life. In fact it starts off with 'Why did you contact Abbey Life ......' So our question is - (a) this person from Abbey Life is saying he could help us over the phone to complete the questionnaire. But we are wondering if we should be seeking independent advice now? (b) being my husband was already on 'Waiver of Contributions' then is he in a different category? Any thoughts would be appreciated.
Can anyone help? I am very lucky in that whilst browsing the news recently I saw about 2015 pension changes and that from next April (I will be 58) I can take any pension as a lump sum and not buy an annuity unless I want to. I had forgotten all about some pensions I started in the 1970's and have had a good dig around and am very happy that I have a 'forgotten'; pension pot of over £90,000 in two RAC's. I do not need to generate an income for my old age as I have some property investments which provide an adequate living. My questions are Will I be able to do what I think I can do even though RACs were originally set to a retirement age of 60? From what I've seen 25% of any pot is tax free and the balance is at marginal tax rate - mine is currently 20% - but let's say my income at present is £25000, if I took EVERYTHING out at once then I could get £22500 tax free and pay 20% tax on the £67500? Or would I need to draw it out bit by bit to keep it under the 40% tax rate in any one year? I'm sure these questions will bring up others I haven't considered, and hopefully this is in the correct part of the site, if not, mods please move! Thanks in advance for all help. Bob
Does anyone have points of reference for failed pension schemes they could nudge me in the direction of please? No urgency (I'm 46 so it'll probably all change before I get there) For a little background, I paid into a scheme for 20 years to a total of something iro 60k, my employer ( I thought) was matching same but apparently took a few years off here and there and paid nothing into the scheme during its final 4 years. I received a notice from the trustees and L&G who now manage the fund about 4 years ago advising it was only able to sustain those already in retirement or due to retire within the next 2 years. Do I have any recourse to recover anything at retirement?
George Osbourne during his Budget speech mentioned that people from now on will be able to take all their pension in cash or put into other investments etc of their choosing. They will have to pay tax on the amount they take from their pension pot. My question is can existing pensioners who entered into an annuity pension in the last five years as at that time annuity plans were about the best things on offer to be able to receive a monthly income, go back to their Pension providers and be able to cancel their annuity pensions and opt for the cash instead