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Joshua
Joshua, Lawyer
Category: Law
Satisfied Customers: 25358
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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I had a frozen pension fund with Phoenix, last year I took

Customer Question

I had a frozen pension fund with Phoenix, last year I took out a 25% lump sum and reluctantly took out an annuity with Phoenix. Due to my wife's health I would like to enjoy life with her now as I don't know how long we have. With the Governments recent changes how can I gain access to the money.
Cheers
Steve
Submitted: 2 years ago.
Category: Law
Expert:  Joshua replied 2 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 :

For the avoidance of any doubt may I confirm that you have already completed the annuity application and are receiving annuity income please?

JACUSTOMER-qgr9acgv- :

Yes

Joshua :

Thanks

Joshua :

At the present time the government proposals have not been enacted. Rather there has been a framework announcement to allow for existing annuity holders to sell their annuities for a lump sum payment.

Joshua :

It is envisaged that laws will be enacted to commence April 2016 and the idea is to create a market for the sale of annuities - such a market presently doesn't exist due to the present tax laws.

Joshua :

Pension experts, whilst generally welcoming the proposals have commented that they are not sure of the value of the proposals yet as they are not sure how annuities will be valued - i.e. whether people be able to achieve good value for their annuities on the yet to be created market. However more will become clear over the coming months in this respect.

Joshua :

Equally it is possible that if Labour win the election that they may reverse the proposal though they have not indicated they will to my knowledge.

Joshua :

However as things presently stand, it is anticipated that the law will be changed commencing April 2016 to allow you and millions of others that have reluctantly bought annuties to sell them for a cash lump sum.

Joshua :

Does the above answer all your questions or is there anything I can clarify or help you with any further?

JACUSTOMER-qgr9acgv- :

Ok, I read somewhere that to cancel my annuity now, I could pay back the 25% lump some and any income i've received since commencement, is this possible?

Joshua :

There is a cancellation period of 30 days usually to cancel an annuity and some providers have extended this period so if you have only taken out the annuity recently you may be able to cancel under your cooling off period however I note from what you say, the annuity was taken out last year

Joshua :

So far as I am aware there is no way to cancel an annuity outside of you could off period at present simply because the annuity provider can (and will) refuse your request and there is no right to force their hand as things stand.

Joshua :

my suspicion is that what you may have read assumes you are still within the cancellation period as it is quite true that many individuals who had recently taken out annuities moved to cancel their orders when it was announced that pensions could be taken as lump sums. In the circumstances, if a pensioner had taken the 25% tax-free sum when taking out the annuity, this had to be paid back when cancelling their annuity

Joshua :

Is there anything else I can clarify for you?

JACUSTOMER-qgr9acgv- :

Point Taken. The pension/annuity can wait. I have another question total different and concerns a family matter are you able to continue.

Joshua :

It would depend what it is. I am not a family law lawyer I will certainly help if I can or recommend a colleague that can assist if not

Joshua :

I will be logging off for the evening shortly. Is there anything I can help you with before I do or would you like to pick up tomorrow?

JACUSTOMER-qgr9acgv- :

I got divorced approx. 9 years ago, I re-married nearly 3 years ago, my daughter, who is nearly 13 years old use to visit me, every saturday and alternate weekends, staying overnight. During the week she would stay with me every thursday night. I would collect her and return her, to either her mums home or school. I have always paid maintenance by direct debit. On occassions, when asked I have contributed to holidays with her mum or trips with the school. About 4 months after I got married my ex-wife decided I was not a good influence on my daughter and stopped me seeing her. I still see my daughter when its her birthday or christmas, for exchange of presents. I have recently sent a letter stating I wished to resume my visitation rights but have received a hostile reaction. The maintenance and visitation rights were confirmed by a magistrate so everything is legal. I don't see why I should have to pay for a solicitor when it wasn't me who is in contempt of court. Question how can I go direct to court to get this sorted out.

Joshua :

Thanks for the above. As I feared this is very much a family law question and not my area. I would not wish to advise you based on my limited knowledge of family law. May I recommend a colleague who will be please to asssit?

JACUSTOMER-qgr9acgv- :

By all means, thanks for your help. Have a good evening.

Joshua, Lawyer
Category: Law
Satisfied Customers: 25358
Experience: LL.B (Hons), Higher Prof. Dip. Law & Practice
Joshua and other Law Specialists are ready to help you
Expert:  Joshua replied 2 years ago.
Thank you. My colleague Clare will be please to assist you with your family law question.

You can contact her though the following link:
http://www.justanswer.co.uk/law/expert-claire/

Best wishes

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