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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.
May I ask if you accept that you took out annuities in relation to these pension pots please?
Thanks. Unfortunately if you have already requested annuities these are binding and cannot subsequently be commuted into a cash payment. Equally unfortunately 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.
Accordingly, if an annuity has already been purchased by you, regrettably this cannot be undone as a result of the new regulations. If you did not agree to the purchase of an annuity there may be a case for you to challenge the same however this is not the case from what you say.
Many people have found themselves in the same frustrating position feeling that they are being penalised by having already bought annuities and not being able to change their mind whilst those that have not can look forward to availing themselves of the new regulations to obtain a cash pay out. Unless the government extends the regulations to include a degree of retrospective application unfortunately this is the position for the present at least.
is there anything above I can clarify for you?
Thanks for you help