I have been paying into a pension (with GRE, which morphed into Assure at some point), for 35 years and it is due to mature on my 70th birthday at the end of this month. Every year I receive a big lump of paperwork which I skim through, only taking notice of the figures for pension pot and estimated income.
I foolishly thought that next month I would be paid my pension every month but maybe I should take 25% as a lump sum, so I rang them.
I am informed that Assure no longer sell annuities and that I need to buy one, they recommend LV.
I spoke to LV yesterday and after a conversation and them then having to contact Assure to get a copy of my paperwork, it turns out that the paperwork sent out to me is incorrect, and it will take 7-10 days to issue the correction. I’m fucking livid.
The bit about them not selling annuities is in the paperwork, but in small print.
I don’t need this hassle.
Read up about a drawdown pension, that is what I have.
Is there an option just to take the pot and do with it what you want, noting the tax implications? I only ask, because at 70 what are your expectations for the future in terms of health and wealth? Enjoy all the money over the next ten years, or do you want an income stream longer than that etc.
I suppose I could take the whole sum but I believe that would mean paying 40% tax on 75% of it.
If the correction puts you in a significantly worse position than you anticipated, you should complain vociferously and seek compensation.
It’s far too late now for you to make good which you could have done had you been receiving accurate info over the previous decades.
Ultimately if you can’t negotiate an acceptable settlement, complain to the Financial Ombudsman. If your pension provider has miscalculated and misled you, they really ought to compensate you and I’d be surprised if the Ombudsman didn’t see it that way.
I’ve just spoken to Assure and they are saying that it’s not incorrect but out of date (23/05/23)
They rushing it through as a priority and it could be available as soon as next Tuesday, cuntz
J_B please take a deep breath and relax.
Getting the paperwork updated will be good to see and you would have had to have that update whoever you are dealing with.
These days fewer people opt for an annuity than did decades ago because it can take 30 years plus to get the value of your fund back. Many people [and I shall be one of them] use flexible drawdown where you take the 25% tax free and do with it as you will leaving the balance in the pension pot and taking some out each year as you need it. Obviously the amount remaining in the remaining fund can go up or down. Please think carefully and take qualified advice before deciding what to do with your pension pot.
All of this is great advice.
My view on annuities is that they don’t make that much sense for most people, as you might actually want to spend money when you’re, say, 65-80, but after that you’re a bit broken and can’t even holiday much. Certainly that’s how my parents and in-laws were/are.
Thus, you need to consider your full financial position. An annuity might make good sense, say, if you have lots of savings that you can use up for fun times over the next decade. You might want to draw down a fairly large lump sum and have an amazing holiday. It’s a decision you need to take some time over.
In some ways I think that your pension company has done you a favour in not automatically moving it to an annuity, as used to be the case, as it will mean you can consider what to do. Ultimately the money is still there!
Was there a Funzie Casino & bordello option in the small print?
With my drawdown, when I snuff it the fund goes automatically to my wife and on to my son next.
I think I would be pushed to fit in any more holidays 
I just thought I’d say it first 
I have an telephone appointment with Money Helper tomorrow.
Is it worth talking to a financial adviser? It might not be if it’s a small pot £100k or so, but if it’s a lot more than that then it probably is.
Don’t do anything for at least a month. Buying an annuity is an irreversible decision, make sure that your are happy with your choice.
Oh and refer yourself to the cockpunch thread for only thinking about this once it’s matured.
That’s about the sum of it. I took my lump sum early and took the maximum because i would rather enjoy it in my 60s when i still have my health. My pension is different but the principle is the same. The down side is i get a much reduced pension in my 70s, but still enough to more than survive on when combining with two State pensions. As other have said, take some advice, work each scenario through and see which suits your personal circumstances best.
I have just had a phone conversation with a guy from Money Helper re options. A quick calculation shows that if I take the annuity and live for 7 years I will have been paid the whole of my pot. As my close relatives have all lived to be at least 80 and a few into their 90s, this could be the way to go.
So we have to put up with you for another 20 years…ffs 
You lucky fuckers
Is it an index linked amount? It might be worth considering what inflation will do to the payments.
What do you think I am, a civil servant? 
Honestly, I thought you were already 80. You’ve clearly been weathered/eroded by all those years spent on holiday.