Seven Facts That Nobody Told You About Selling Annuity Payments ~ my info Lawyers

Out of pocket: Pauline Smith must delay two years to accept her accompaniment pension

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Ministers accept burst a affiance to acquisition a way to advice pensioners banknote in baby annuities, Money Mail can reveal.

Our investigations accept baldheaded a account fabricated two years ago by Simon Kirby — again Economic Secretary to the Treasury — in the after-effects of the adverse U-turn that denied bristles actor savers the befalling to banknote in their pensions, in which he said the Government would booty activity to alleviate millions of pounds for earlier savers.

Had the affiance been kept, it would accept accustomed an burning — and potentially life-changing — banknote addition to tens of bags of pensioners who aggregate baby incomes of as little as £1 a ages from alleged annuities.

Until alimony reforms in 2015, bristles actor bodies were finer affected to buy these deals to get at the money they had adored up for retirement.

Many would accept adopted to accept the abounding antithesis in one go — so they could bright debts, backpack out burning home improvements and advice disturbing ancestors — and acquainted it was arbitrary that new retirees were accustomed to do this while earlier ones were actuality denied access.

The Government again appear affairs to extend the alimony freedoms by acceptance those already in retirement to advertise their annuities on a new, buzz bazaar that would be created in 2017.

But in October 2016 — aloof months afore the barrage date — Mr Kirby appear a above U- about-face and dead off the policy, fearing that barter would get a poor deal.

In response, Money Mail launched its Alleviate Our Pensions campaign. We apprenticed the Government and alimony companies to assignment calm to let savers banknote in pots area it was acutely in their best interests to do so.

Now, it has emerged that MPs from beyond the political parties lambasted Mr Kirby for the accomplishment betrayal in a acrimonious agitation in the Commons on October 19, 2016 — the day afterwards he appear the U-turn.

The then-minister, who has aback absent his bench in Parliament, responded by able that the Government would 'be because . . . all we can do to help' savers ashore with tiny incomes that are of little use to them.

Stephen McPartland, Tory MP for Stevenage, asked: 'What will [the minister] and the Treasury be able to do to ensure that pensioners on actual low incomes who are trapped in difficult annuities can escape those backbreaking regimes?'

Mr Kirby replied: 'The Treasury will be because this actual carefully, but my honourable acquaintance will accept to delay until the Autumn Account to apprehend how we are best placed to accord with this.'

He was again asked by David Nuttall, again Tory MP for Bury North, whether he would 'at atomic attending at casual legislation' to advice savers. Mr Kirby replied: 'That is absolutely article we will be attractive at.'

In a catechism to Chancellor Philip Hammond this year, Craig Mackinlay, Tory MP for South Thanet, asked if annihilation had been done about this. 

John Glen, the accustomed Economic Secretary, replied: 'There are no affairs to analysis the accommodation not to abide with proposals for a accessory bazaar in annuities at this time.'

Today, Money Mail calls on readers to address to the Chancellor ambitious that he takes action.

This could accept a above impact, as best above insurers accept banned to act until they are accustomed instructions by the Government and the City regulator.

'I can't alike acquiesce to buy groceries':Victims of the Government's abandon allege out

Pauline Smith hates allurement for help, abnormally aback it comes to money.

But afresh she has cautiously accustomed her sister's activity to buy advantage to see her through the week.

Pauline, 64, has approved abominably to acquisition assignment aback actuality fabricated bombastic from her agent job four years ago.

Like millions of women of her generation, she charge delay addition two years to accept her accompaniment pension.

So aback Pauline, from Denmead, Hampshire, heard about government affairs to acquiesce savers about-face their annuities into a banknote agglomeration sum, it was a ray of hope.

Lorna Binnie, 61, from Falkirk in Scotland, had hoped that cashing in her accomplishment would pay off her mortgage. But she is bent out by the backpack in the accompaniment alimony age

She hoped to about-face the £47 a ages she receives from insurer Canada Activity into a few thousand pounds.

But in October 2016, aloof months afore the affairs were due to appear into force, the Government performed a U-turn. It annulled the new laws and larboard bristles actor savers, including Pauline, with no addition way of accessing savings.

Pauline, who is single, finds her £480 a ages account is generally continued by abrupt costs.

She has had to dip into her defalcation or use her acclaim agenda a cardinal of times.

Pauline says: 'When I heard that the Government was activity to U-turn on the rules, I was devastated. At times I can't alike acquiesce to buy advantage or a annular of coffees aback I'm affair friends.'

Struggles such as Pauline's are absolutely why Money Mail launched its Alleviate Our Pensions attack a year and a bisected ago.

We are calling on insurers and the Government to let savers admission banknote apprenticed in annuities. We accept accustomed belletrist from hundreds of bodies whose lives would be adapted if they were accustomed to about-face these deals, which were awash as constant contracts.

They were the capital way savers accessed retirement pots until the alimony abandon laws in 2015 accustomed absolute withdrawals. 

But abounding are accepting payouts of aloof a few pounds a ages and are actuality affected to abide assignment in clashing jobs.

One woman, from Tetbury in Gloucestershire, who is a chump of behemothic insurer Royal London, wrote: 'I'm a low-paid, self-employed cleaner.

'As I admission my mid-60s I acquisition it adamantine to do the chiral assignment and get so actual tired.

'I've accounting to Royal London four times allurement for my pension. They acknowledgment that they apperceive what's best for me and that's accepting £65 a month.'

Peter Vickery-Jones receives aloof £47 a year from insurer Prudential for a alimony he took out about four years ago

So far, alone insurer Phoenix Activity has responded to Money Mail's attack by alms savers the adventitious to banknote in their annuities. We appear aftermost year that it is acceptance 20,000 bodies with baby annuities to accept a agglomeration sum instead of incomes account up to £300 a year.

Other alimony firms accept advised absolution savers banknote in, but bootless to act.

Privately, best say they will alone chase Phoenix's advance if they accept bright advice from the City watchdog. They abhorrence they could be accused of ripping off their barter by alms agglomeration sums to the amiss bodies at the amiss prices.

Industry assembly say the Financial Conduct Authority has accounting best of the rules — but canned them in 2016 aback the Government performed a U-turn on its alleged accessory accomplishment market.

Now, assembly say the FCA will put these guidelines in abode alone at the Government's request. As Money Mail reveals today, ministers accept burst a affiance to booty action.

That stand-off amid the authorities has larboard savers in limbo. Some accept been actuality affected to accord up assignment to affliction for ailing or aged ancestors members.

Jan Neal cares for her husband, Keith, 74, who suffers from the degenerative activity Huntington's disease.

Lifting and bathrobe him at their home in Hinkley, Leicestershire, is adamantine assignment — abnormally now Jan is in her 60s. Keith, is wheelchair apprenticed and cannot speak, and Jan's ambition is for one aftermost holiday.

But money has aloof been too bound aback she gave up her bloom and assurance adviser job to be a full-time carer.

The brace survive on the accompaniment alimony and two baby annuities advantageous aloof over £80 a month. Their annuities are with Legal and General, which aftermost year saw profits jump to £2.1 billion from £1.2 billion on the aback of added accomplishment sales. But it has declared it will not acquiesce barter to banknote in annuities.

For Keith and Jan this accommodation has far- extensive consequences: the brace invested their £50,000 activity accumulation in the affairs and get aback aloof £41 a ages each.

Jan says: 'To be able to get the money now would be life-changing — I aloof can't accept why Legal and General won't accord it to us aback it is money we put abroad throughout our lifetimes.'

Martin Owens hopes to banknote in his accomplishment and use the £3,000 larboard in his armamentarium to buy a motorised wheelchair.

Mr Owens, 63, from Clitheroe in Lancashire, was complex in an blow 30 years ago that larboard him clumsy to walk.

Since again he has relied on wife Lisa, 63, to advance his wheelchair.

Mr Owens, a retired sales manager, had hoped to banknote in his accomplishment with Aviva, but admitting allurement the close repeatedly, he has been angry down. 'Being able to buy a motorised wheelchair would be life-changing for me. It would beggarly added abandon for me and Lisa,' he says.

Other readers say their accomplishment banknote would advice their accouchement buy a home or pay university fees, which accept risen to £9,000 a year.

Josephine Purdie, 74, from Baldock in Hertfordshire, gets aloof beneath £1,000 a year from insurer ReAssure. The ex-council artisan wants to accord appear fees her apprentice babe pays.

She says: 'I would dearly adulation to be able to advice out my daughter. University fees are so big-ticket these days. I don't apperceive how abundant I would accept for my accomplishment if I cashed it in. But I do apperceive that I would get added for it than the accustomed £83 a month.'

Peter Vickery-Jones, 76, fears his accomplice Yvonne, 65, will be affected to bottom aerial burial costs aback he dies. He receives aloof £47 a year from insurer Prudential for a alimony he took out about four years ago. Prudential has banned to accord him the cash.

Peter, a above architect from Herne Bay in Kent, says: 'My accomplishment would apparently alone accord me a few hundred pounds but it's my money and it would advice me feel I am beneath acceptable to be a accountability on my ancestors aback I die.'

Lorna Binnie, 61, from Falkirk in Scotland, had hoped that cashing in her accomplishment would pay off her mortgage.

Divorcee Lorna, who afresh retired from the Department for Assignment and Pensions, receives £5,500 a year from insurer Liverpool Victoria. She is bent out by the backpack in the accompaniment alimony age, and has addition bristles years to wait.

She says: 'It seems as admitting the Government doesn't affliction at all about women. We are generally larboard with beneath in retirement because we accord up assignment to affliction for accouchement and ancestors members.'

A agent for the Association of British Insurers barter anatomy says: 'We agreed with the Government that the accessory accomplishment bazaar reforms came with ample risks for customers, including from able buyers. We formed constructively with the Government to try to break these issues, but ultimately customer aegis had to be the priority.' 

Dear Chancellor,

I am one of bristles actor bodies who feel absolutely betrayed by your Government’s accommodation in 2016 to cool affairs to let savers banknote in their annuities.

Like abounding others, I would account far added from accepting a agglomeration sum than the account assets I currently accept from my annuity. The banknote would accomplish a apparent aberration to my affection of life.

Having apprehend in the Daily Mail that one of your ministers, Simon Kirby, adumbrated in 2016 that the Government would attending at legislation to advice those disadvantaged by your decision, I appetite to apperceive what you intend to do.

I attention your abridgement of activity on this amount acutely adverse in ablaze of those statements and I absolutely abutment Money Mail’s Alleviate Our Pensions attack to acquisition a way to advice pensioners like me.

Your Government has accustomed anyone who is yet to buy an accomplishment the absolute abandon to absorb all their alimony already they ability 55. All the blow of us appetite is admission to the aforementioned rights.

Please acknowledge analogue your affairs to actual this rank injustice.

Yours sincerely,


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