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My pension is so small can I cash in the annuity?
It hardly seems worth getting this small sum. I would have more use for a capital sum. Can you tell me how to go about cashing it in and getting my money back?
AAn annuity’s an irrevocable purchase. It is an insurance policy which guarantees to give you an income for life no matter how long you live. It is not possible to reverse the transaction and convert it into a lump sum.
It is important that annuity buyers get the best value for money and this may not be so with the life insurance company they have saved with during their working life.
You may be able to get better terms depending on where you live and if you have a health or lifestyle condition such as a heart complaint. If you are a smoker that could also give you a better annuity rate.
You will need to decide which type of annuity to buy which could be a flat-rate annuity where the payments never change, one that increases with inflation (more expensive for you to buy but it rises if prices go up) or has an investment element (which also provides an opportunity for increases).
You will also need to decide if you want benefits for your spouse in case you die first.
It’s important to take professional advice from an independent financial adviser.
QI am due to retire next year.If my State pension is added to the pension I will get from my old job, my income will be more than the personal allowance. Will I have to fill out a tax form?
AProbably not unless you have other income or circumstances that make your situation more complicated.
Since tax cannot be deducted at source from a State pension tax due will be deducted from the payments from your occupational pension before it reaches you.
People over the age of 65 have a higher personal allowance of £9,940 (£10,090 for over-75s) unless their income exceeds £24,000.
In this case the allowance is gradually reduced by £1 for every £2 over this figure until it equates to but never falls below the basic personal allowance of £7,475.
If total income amounts to more than £100,000 it may then reduce to zero.