Annuity cashing in abandoned

[sidicks]

Ginge R said:

You have much more faith in financial services than I do.. congratulations.

It was a genuine question - I've not been involved in policyholder literature for quite some time.

I assumed it would explain that you are:
1) buying an income for life
2) that the amount of income depends on various factors including interest rates and how long you are expected to live (referencing factors such as age, sex, health, smoker status etc)
3) the income could be fixed in amount or linked to inflation
4) when you die the policies ceases, unless you have chosen to add a spouse's benefit

[Ginge R]

sidicks said:

It was a genuine question - I've not been involved in policyholder literature for quite some time.

I assumed it would explain that you are:
1) buying an income for life
2) that the amount of income depends on various factors including interest rates and how long you are expected to live (referencing factors such as age, sex, health, smoker status etc)
3) the income could be fixed in amount or linked to inflation
4) when you die the policies ceases, unless you have chosen to add a spouse's benefit

Sure. It still all depends on context and an ethical sales process, though.

[sidicks]

Ginge R said:

Sure. It still all depends on context and an ethical sales process, though.

So we're agreed:
Absolutely no need for a secondary market in annuity policies
100% requirement for full recompense for anyone mis-sold an annuity
?

[PurpleMoonlight]

The Spruce goose said:

my mum was one, she has around 150k in annuity, pays around 400 per month (I think).

She would have liked the option to change it instead of being locked in, in my eyes the government has flim flamed and instead of making out there would have been a choice, when there never was going to be one..

When did she purchase the annuity?

Why didn't she transfer her pension to a drawdown arrangement instead?