Can't buy an annuity
Posted: May 3rd, 2024, 3:58 pm
I have just been told that I could only buy an annuity with money from a pension fund.
In other words I can't buy an annuity for cash. That seems a bit dubious to me but it maybe covered by some rule.
At 87 I understand I can't open a pension fund. Not that I would want to -- Eq Life and the steady reductions by The Pru would steer me away from those options but I've always thought that I might need an annuity at some point and would be able to buy with cash.
Confirmation of the above rule would be helpful
In other words I can't buy an annuity for cash. That seems a bit dubious to me but it maybe covered by some rule.
At 87 I understand I can't open a pension fund. Not that I would want to -- Eq Life and the steady reductions by The Pru would steer me away from those options but I've always thought that I might need an annuity at some point and would be able to buy with cash.
Confirmation of the above rule would be helpful