Regarding your article on guaranteeing your pension. Is it possible to convert an existing annuity from a non-guaranteed one to a guaranteed one?
Follow this topic
Q&A » Pensions
Retweet
Comments (
FacebookComments (4)
-
5Jane Baker postedHi Eanneyoung,
Thanks for your question. It's not possible to convert annuities from one type to another, I'm afraid. That's why it's so important to make sure you get the decision right in the first place, because once you've made your choice, you'll be stuck with it for life.
If you have different pensions schemes, you can buy different annuities with each one of those providing each individual pension pot is large enough.
Hope that helps.
Jane Baker
Posted on 28 August 2009 |
Love 0 loves
Report
-
824MikeGG1 posted
It is not impossible to convert, but it would cost you.
First of all they would charge for the work done and that would be expensive as a one-off transaction - actuaries are very expensive!
Then they would have to assess your state of health for the cost of the guarantee. As you would be making the request then they would probably assume that there was an underlying health problem which was why you were asking in the first instance, so you would probably be overcharged for the cost of the guarantee.
A double whammy!
Mike
Posted on 28 August 2009 | Love 0 loves
Report
-
0vickytaylor posted
Hi Eanneyoung,
The BBC has got in touch with lovemoney.com looking for people who might be available to talk about pensions for a new BBC1 consumer programme.
If you would be happy to talk to the BBC about some of the issues you have faced, please let me know on 0207 297 8198 or vicky.taylor@lovemoney.com
Thanks,
Vicky (lovemoney.com PR Manager)
Posted on 21 September 2009 | Love 0 loves
Report
-
21iPension posted
An annuity at outset can be guaranteed to be payable for 5 or 10 years or even 'capital protected'.
Thinking outside the box, Have you considered covering the risk that you might die early with "Life Assurance'? If you are in good health and are looking to cover a decreasing risk the cost might be reasonable.
Posted on 06 November 2009 | Love 0 loves
Report
Post an answer
Sign in or register to post an answer.
Something you're dying to ask... or answer?
Register with lovemoney.com to start asking and answering questions on Q&A.
Get started nowSign in for a better Q&A
Registered already? Great! You can just sign in to ask and answer questions.
Sign in