Difficult to withdraw on retirement and limited options
2
What i wanted to do was take the 25% tax free lump sum and transfer the remainder to a lifetime annuity, seems simple enough. First problem they do not provide annuities. second problem, they changed my chosen retirement date for no reason.
I called them to confirm my wishes and inform them I had arranged a annuity with another provider, they said they would send the forms which arrived today, however this form was to take 100% of my fund, rang them again and this time they told me they are unable to send some to me and some to my annuity provider, I either had to take the full amount (which would cost me a small fortune in tax) or transfer the full amount to the annuity provider and ask them for the 25%.
Wish I had gone elsewhere.
Reviewed on: 29th April 2023
