We get simply £50 a month 

Howard and Annie Williams need to unlock up to £10,000 from an annuities coverage that pays simply £50 a month.

The couple, who dwell in Treharris in South Wales, say the cash can be way more helpful in a single lump sum.

Howard and Annie Williams, from Treharris, South Wales, want to unlock up to £10,000 from an annuities policy that pays just £50 a month

Howard and Annie Williams, from Treharris, South Wales, need to unlock up to £10,000 from an annuities coverage that pays simply £50 a month

Retired engineer Howard, 71, purchased the annuity for £12,156 from Scottish Widows after working for the National Coal Board.

But Scottish Widows is among the many companies that refuse to let clients swap their annuity for a lump sum.

Howard says: ‘We have not obtained quite a bit however that £10,000 would make an immense distinction. Fifty kilos a month is neither right here nor there.’

Howard and Annie lived in Costa Blanca, Spain, for 9 years however moved again to South Wales final 12 months. They needed to dwell shut to household in Caerphilly, however may solely afford to dwell 9 miles away.

Retired accounts clerk Annie, 69, says: ‘We really feel we are dwelling in decreased circumstances. We really feel we have now been discriminated towards. People with out annuities are having fun with the advantages of their pensions.’

I want money to transfer dwelling   

Retired nurse Doreen Clarke desires to money in her annuity so she will use the cash to assist pay her authorized charges when she strikes dwelling.

Miss Clarke, 68, receives simply over £1,000 a 12 months — or £84 a month — from Rothesay Life after retiring almost 20 years in the past.

Retired nurse Doreen Clarke, pictured with her dog Poppy,  wants to cash in her annuity so she can use the money to help pay her legal fees when she moves home

Retired nurse Doreen Clarke, pictured together with her canine Poppy,  desires to money in her annuity so she will use the cash to assist pay her authorized charges when she strikes dwelling

Her pot was value £17,890 when she purchased the annuity by way of a monetary adviser. Her pension was later transferred to Rothesay Life.

Rothesay has instructed her that she is going to obtain a letter by the top of the 12 months if she is eligible to money in.

But Doreen now fears her pot will nonetheless be value greater than £10,000 — barring her from taking it as a lump sum.

Yet she says she would take £10,000 for it — even when it was supposedly value extra. 

She says: ‘I might be blissful to settle for just about something to get this off my shoulder. I might similar to it completed with. We ought to have the possibility, it’s our cash.’

The cash may fly us to Australia

Marie Smith desires her annuity a refund after being recognized with most cancers final 12 months.

The 66-year-old grandmother has two annuities with Canada Life paying her £83 a month — or simply underneath £1,000 a 12 months.

But now she is present process remedy for breast most cancers, she desires to use her financial savings to spend time together with her household — together with her daughter who lives in Australia.

Marie, who ran a transport enterprise together with her husband James, purchased her first annuity in 2006 for round £20,000, and a second in 2013 with £15,000.

She now believes that the pots are every value lower than £10,000, so she will access the cash in lump sums.

But Canada Life has refused to swap the annuities.

Marie says: ‘I need the cash out, I do not know the way lengthy I am going to final.

‘I need to know why they cannot when different firms can.’

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