MichaelAnTon
Registered User
- Messages
- 14
Hi,
I had a personal pension scheme with Standard Life which I took out approximately 15 years ago. It has matured recently and is worth quite a small amount of just under €27,000. I am 60 years old. I am self employed and had to cash in an earlier insurance scheme when I hit tough times. This is my only personal pension, apart from some limited saving with an SSIA.
When I took this pension about 15 years ago, I understood that I would get a lump sum on reaching the nominated retirement age. But now I discover that I can only get a quarter of the money, and that the rest has to go into an annuity fund.Here is where it all goes drastically pear shaped:
The 20,000 Euro that would go into an annuity fund would be worth a useless and miserable sum of approximately €1,100 per year. Hardly enough to buy the news papers! And basically worthless to me.
This miserable sum of €1,100 is guaranteed for my life time – but if I die the day after the contract is signed ALL the money is GONE – my wife or family get NOTHING. Brilliant deal is it not????? I am told I could get an arrangement that would pay to my wife in the event of my death but the annual payment would be even smaller again!
If I had the lump sum and put it into any decent investment, (the Banks are offering 6% on a special saving scheme just now) it would do a lot better than what is offered on this annuity thing, that just a joke!
The insurance company Standard Life tell me it is the Revenue Commissioner/ Government who are making these daft rules. I have written to several agencies but have not got any answer as yet.
The government are encouraging people to take out personal pensions. If I knew, when I took out the policy, what I now know, I would never have taken a pension in the first place. For absolutely sure, I certainly will not consider any further pension scheme while these daft rules apply.
The government are encouraging people to put their SSIA into a pension fund. I say what’s the point. You will not be able to get your hands on it. I would be far better putting into just about ANY savings scheme.
I am totally discouraged and very annoyed by having the goal posts shifted on my small personal pension.
Is there anything I can do about it or other option I can take - I feel like saying to the government you can stuff the €1,100 per year it is an insult.
It sounds to me like an illegal thing to force someone to put THEIR money into a poor return option.
Any advice or suggestions would be most welcome.
I had a personal pension scheme with Standard Life which I took out approximately 15 years ago. It has matured recently and is worth quite a small amount of just under €27,000. I am 60 years old. I am self employed and had to cash in an earlier insurance scheme when I hit tough times. This is my only personal pension, apart from some limited saving with an SSIA.
When I took this pension about 15 years ago, I understood that I would get a lump sum on reaching the nominated retirement age. But now I discover that I can only get a quarter of the money, and that the rest has to go into an annuity fund.Here is where it all goes drastically pear shaped:
The 20,000 Euro that would go into an annuity fund would be worth a useless and miserable sum of approximately €1,100 per year. Hardly enough to buy the news papers! And basically worthless to me.
This miserable sum of €1,100 is guaranteed for my life time – but if I die the day after the contract is signed ALL the money is GONE – my wife or family get NOTHING. Brilliant deal is it not????? I am told I could get an arrangement that would pay to my wife in the event of my death but the annual payment would be even smaller again!
If I had the lump sum and put it into any decent investment, (the Banks are offering 6% on a special saving scheme just now) it would do a lot better than what is offered on this annuity thing, that just a joke!
The insurance company Standard Life tell me it is the Revenue Commissioner/ Government who are making these daft rules. I have written to several agencies but have not got any answer as yet.
The government are encouraging people to take out personal pensions. If I knew, when I took out the policy, what I now know, I would never have taken a pension in the first place. For absolutely sure, I certainly will not consider any further pension scheme while these daft rules apply.
The government are encouraging people to put their SSIA into a pension fund. I say what’s the point. You will not be able to get your hands on it. I would be far better putting into just about ANY savings scheme.
I am totally discouraged and very annoyed by having the goal posts shifted on my small personal pension.
Is there anything I can do about it or other option I can take - I feel like saying to the government you can stuff the €1,100 per year it is an insult.
It sounds to me like an illegal thing to force someone to put THEIR money into a poor return option.
Any advice or suggestions would be most welcome.