Furious over annuities


November 22, 2016

I have just been reading my Daily Mail dated Monday 21st November, page 8, with reference to annuities and I am furious! Apparently, the plans to allow pensioners who are already drawing down on annuities to take a lump sum (ie sell them off) are to be scrapped. Originally, as stated in the budget, those over 55 years of age were allowed to take them as a lump sum, so long as they were not yet drawing down on them with effect from April 2015. Those already drawing down on them would be allowed to take the balance as a lump sum in April 2016. This was later amended to April 2017 for some reason.
Now, following a Pensions and Savings Symposium held behind closed doors at the five-star Gleneagles Golf Resort hosted by (surprise, surprise) investment giant J P Morgan in September and attended by pensions minister Richard Harrington and economic secretary Simon Kirby, no doubt at great expense to the taxpayer (greased palms, financial promises or threats spring to mind… am I cynical?), the Treasury said it was abandoning said plans for pensioners to cash in their rip-off annuities.
In my own particular case it is only a small amount, but nevertheless would be very welcome at this time of low exchange rates. But for those with large annuities (which of course die with them, to the benefit of the financial institutions… thinks, more undeserved bonuses) is disgraceful!
UK Government… Shame on you! More broken promises!
As I sit here indoors watching my wood burner eat logs or my portable gas heater eat butane for more or less six months as I try to keep warm, I wonder what is happening with reference to the numerous appeals made to the European Courts over the blanket stopping of the Winter Fuel Allowance for European expats. As for the time being we are still in the EEC, why has this not been resolved? The European Court stated the UK was breaking the law by discriminating against us, so why the delay? We worked all our lives and paid all our dues!
UK Government… Shame on you!
Why does the UK Government hate pensioners? We’ve done our bit, paid our dues.

James, Murcia

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