Can Annuities Be Changes?

[roker]

I read in the English newspaper that there could be problems ahead with pensions, including annuities in the UK with lack of funds.
I have an annuity here with New Ireland for the past 4 years, I understood that an annuity cannot be changed? so they cannot reduce it once it is set up. Also is it protected? can a Pensions Assurance company go out of business?

 

[Dave Vanian]

An existing annuity cannot be changed. Your only risk is if New Ireland Assurance cannot meet its obligations. This is very unlikely, as New Ireland have already funded your annuity by buying assets to back it.