How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Joshua Your Own Question
Joshua
Joshua, Lawyer
Category: Law
Satisfied Customers: 25433
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
35043042
Type Your Law Question Here...
Joshua is online now

I bought an annuity with my pension fund, under the new regs,

Resolved Question:

I bought an annuity with my pension fund, under the new regs, can I now take all of my pension fund of £21,000 , my provider says no because the plan started in 2010
Submitted: 3 years ago.
Category: Law
Expert:  Joshua replied 3 years ago.

Joshua :

Hello and thank you for your question. I will be very pleased to assist you. I'm a practicing lawyer in England with over 10 years experience.

Joshua :

May I ask have you used your entire pension pot you refer to in order to purchase an annuity please?

Customer:

hi,

Customer:

Hi Joshua,

Customer:

the pot of £27,455 which was accumulated in prev employ was used to buy an annuity in 2010, how this came about, I have no recall. I took a cash sum at that time of £6,863 which left the £21,104, that may be the amount l/g have used to purchase the annuity, but I don't know other than when I asked on Tuesday if I could take out my pension I was told yes, then today, told no. the 21,ooo figure was quoted then,

Joshua :

my apologies for the delay in reverting to you. I was out appointments yesterday afternoon and this morning.

Joshua :

the new regulations announced by the Chancellor in the budget unfortunately do not apply retrospectively where annuities have already been purchased. If an annuity has already been purchased by you then this amounts to a contract which cannot be undone and there is no provision in the new regulations that allow for authorising the undoing of existing annuity contracts. there has been some criticism that the new regulations that relate against those individuals who have already purchased annuities, particularly those who may have done so recently but no provision has been made to address this unfortunately.

Joshua :

Accordingly, if an annuity has already been purchased by you, regrettably this cannot be undone as a result of the new regulations. If however you did not agree to the purchase of an annuity there may be a case for you to challenge the same. if you have no recollection of authorising the purchase, you may wish to consider contacting your pension provider asking for details of who authorise the purchase and documentary evidence as to authority in respect of the same. if the annuity was entered into without your consent, you may have grounds for a complaint to the financial ombudsman however the first step would be to ascertain who authorised the purchase and on what basis authority was given by you for the same.

Joshua :

is there anything above I can clarify for you?

Joshua and 3 other Law Specialists are ready to help you