- People over the age of 55 will be able to withdraw their pension fund when, and how they like.
- This new option to withdraw the pension fund will probably make annuities look far less attractive and less people will opt for them.
- Once you purchase an annuity you are locked in.
- Recently interest rates have been low – if you bought your annuity while these rates were low, you would be stuck with this rate for a lifetime.
- You are not alone. Roughly 400,000 people each year were converting their pension funds to annuities.
- With virtually no exceptions, each and every one of these people will be locked in to the annuity they bought. In most cases locked in at a dreadful rate of return. They are stuck with this low rate for their lifetime, even if interest rates increase in the future.
- 1 in 4 people could have had a higher lifetime income rate but did not get this rate, most probably because they were not properly informed of their options.
- If you were NOT properly informed of all your options you would be in a prime position for corrective action.
We believe that if you bought an annuity in the past few years and did not get offered an enhanced annuity, when you were entitled to one, or you were not given the full range of options available to you, regardless of your health position, you may be able to get some form of redress.
To explore your claim further please complete the enquiry form below and we can start looking at this with you:
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