Normally you can use some or all of the 75% to buy an annuity. Are you sure that this money already guarantees you an income for life and that you don't need to buy an annuity first?I am under the impression that my pension the other 75% is paid for life, because as small proportion is index link to inflation, Why should I take an anuity when they have already offered me a pension amount per month?
("I receive €21,253 tax free lump sum and reduced pension of €5,238 per annum escalating by 5% or the rise in the consumer index. In addition, a spouses pension of 50% on my death. pension paid monthly gauranteed for 5 years")
I assume this is a lifetime pension for myself and 5 years for my wife?
Once again I would urge you to get some independent, professional advice.Sorry for going on, but still trying to get to the bottom of this. The pension provider has now told me after three weeks that I have no choice but to take an anuity because I paid into a "Defined Benefit Scheme" If I had paid into a "Define Contributory Pension Scheme" I could shop around.
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