GD4ELI Posted March 21, 2014 Share Posted March 21, 2014 That's not what I meant, I meant defering work pension until the state pension age. You should have a copy of the scheme's T&C, that will explain it all. Link to comment Share on other sites More sharing options...
Declan Posted March 21, 2014 Share Posted March 21, 2014 Well we're back where we started then. Because they say that UK employees can, but imply that IOM employees can't due to IOM rules. Which is what prompted the first question. Link to comment Share on other sites More sharing options...
piebaps Posted March 21, 2014 Share Posted March 21, 2014 Declan, on 20 Mar 2014 - 07:22, said: Are Manx pension holders still compelled to buy annuities? I also have in the back of my mind it's not possible to defer retirement here to increase your pot by working for a few more years. Is that true? Get some specialist advice Declan. It all depends on what kind of pension you're in. An employer based scheme will have very specific rules and you must follow them. A private pension will be more flexible and may allow you to decide. Link to comment Share on other sites More sharing options...
doc.fixit Posted March 21, 2014 Author Share Posted March 21, 2014 I wonder how the new annuity regs. in the U.K. will affect existing holders, especially those who are currently receiving a monthly payout? I ask this in view of the reported panic by annuity providers and their potential demise or certainly massive contraction of their business. What happens to the money that people have already invested in these companies? Will it be lost or will there be an option to withdraw the cash as a lump and re-invest elsewhere? I believe this isn't an option currently. Link to comment Share on other sites More sharing options...
GD4ELI Posted March 21, 2014 Share Posted March 21, 2014 No change if you are already receiving an annuity. It's worth reading the full impact of this change on the web - it's not as simple as some would have you believe. Link to comment Share on other sites More sharing options...
ballaughbiker Posted March 22, 2014 Share Posted March 22, 2014 The future situation regarding annuities isn't simple but it needed changing. Most people can't retire until they are of a certain age and the financial situation at that age can hardly be predicted. Those who have retired since 2008 have done very badly out of annuities which are a one-chance 'get it right fist time' contract for the rest of your life. Many people worry about money in old age and many don't give it a thought. Those that do worry are likely to have handed a great deal of money over to a third party to control on their behalf and that third party likely cares about themselves a damn site more than they do about the investor's situation. Anyone paying into a private pension has to understand that. To then be forced to buy a scheme to 'look after' you in old age that another third party controls also for their benefit just aint right. Whilst it's easy for someone who doesn't have to buy or receive an annuity to say, I generally support this proposed change. Financial institutions including insurance companies have historically done far too well on the backs of others for years and many have taken liberties. Anything that reduces that possibility is good in my book. Link to comment Share on other sites More sharing options...
doc.fixit Posted March 22, 2014 Author Share Posted March 22, 2014 yup, unfortunately I'm one of those people who was forcibly bitten. Link to comment Share on other sites More sharing options...
Lxxx Posted March 23, 2014 Share Posted March 23, 2014 Why bother with pensions at all? Put your money in buy to lets and have a far more affluent retirement. Link to comment Share on other sites More sharing options...
ballaughbiker Posted March 24, 2014 Share Posted March 24, 2014 Unless you rent.... However I agree that if you want to save for old age, do it in a way that you control, not someone else with their own self interests that conflict with yours. Don't give up you rights of control just because that someone else may be adding to that pot with which they then do what they like. Link to comment Share on other sites More sharing options...
doc.fixit Posted March 24, 2014 Author Share Posted March 24, 2014 The point I was making was that a lot of us had no option but to put it into an annuity and we were royally ripped off. I am glad that at last this iniquity has been corrected even though it won't help me regain all the cash that has been taken from me. Link to comment Share on other sites More sharing options...
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