20 May 2015 11:18 AM:

Steone

Your say you are not giving specific advice but ' Do NOT buy an annuity NOW', is that not specific.

For various reasons it may still be good advice to purchase an annuity, for instance, as you mentioned, people may have some health isssues and this can, dependant on the issues, quite substantially increase the annuity rate.

For older pension plans a Guaranteed Annuity Rate might be included. With these the annuity rate can quiteeasily be double or more.

Further there is an investment risk to all Drawdown contracts and it may be that absolute secutirty of income is needed, maybe not with the whole pension pot but with a proportion of it to provide a base income to cover ongoing outgoings.  

I do agree though that any one in this situation should seek professional advice even though fees will be involved.

 

 

 

Thread: Cashing in a pension.

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19 May 2015 9:26 PM:

The tax situation is just one concern,  the purchaser of any annuity must surely have to consider the probable life span of the annuitant.

I guess that any cash offers may involve requesting medical history from GPs and possible medicals or maybe a really low cash offer because of the risks involved to the purchaser. 

Thread: Cashing in a pension.

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19 May 2015 3:20 PM:

If your income is to be lower once the pension is cashed in  do you mean you are already receiving an income through an annuity.

If you are already receiving income from your private pension by way of an annuity it is not yet possible to cash it in.

Thread: Cashing in a pension.

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