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19-10-2016, 01:10 PM
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Annuities

Bit of a choker this, isn't it? The Government backtracking on allowing people to take out current annuities, in a lump sum, from next year!

http://www.dailymail.co.uk/money/pen...ax-breaks.html

I have two paying out paltry sums (one monthly, and one lump sum annually), and would love to have the whole remaining amount paid out to me now.
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19-10-2016, 02:06 PM
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Re: Annuities

C`est la vie. We grew up with huge mortgage rates and just as we pay it off saving rates are no better than putting one`s money in the biscuit tin.
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19-10-2016, 03:04 PM
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Re: Annuities

Originally Posted by Older git ->
C`est la vie. We grew up with huge mortgage rates and just as we pay it off saving rates are no better than putting one`s money in the biscuit tin.
Ain't that the truth I think we've hit every banking problem head on each change in policy and rate has meant we always pay most and have now got hardly any interest.
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19-10-2016, 08:59 PM
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Re: Annuities

I believe that the reason we were allowed to receive a lump sum instead of taking an annuity was to kick start the economy. Thousands of people used their new found wealth to buy new cars, take holidays or do up their nests, or even buy new ones.
All this money that would have been locked up in insurance companies was now being released into the economy. I also believe this is the reason why the government have imposed penalties on banks for the abuse of PPI. Buying stuff creates more jobs therefore more tax and less unemployment. But it would only ever be a short term fix as we are now realising with the low value of the pound and next will be high unemployment. Unless of course, we start producing things here instead of having to pay through the nose with expensive imports. One of the drawbacks of allowing the EU to take production out of the UK. We must now learn to stand on our own two feet again.....
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19-10-2016, 09:15 PM
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Re: Annuities

How on Earth can you blame the EU for taking production out of the UK?
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19-10-2016, 09:37 PM
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Re: Annuities

Originally Posted by Purwell ->
How on Earth can you blame the EU for taking production out of the UK?
They knew what they were doing Purwell. It has been the slow drip drip drip, draining the lifeblood out of the UK, it was engineered. Who would seriously turn down the offer of cheaper goods, so we became reliant on foreign imports and they thought that we would not leave the EU because we could no longer look after ourselves. It remains to be seen if we are going to be strong enough to rebuild our industry or roll over and concede to the single market who will hold us to ransom.
We were complicit by allowing it to happen.
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21-10-2016, 11:28 AM
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Re: Annuities

I would think that production was lost from the UK, as well as it's service industry, because the labour was far cheaper abroad. That and the fact that the gov't taxed the nuts of the rich. I'm not excusing the EU of course. They have been responsible for the decimation of a lot of things. The EU is responsible for the corruption and degradation of our previous justice system, and the EU has been responsible for all the devastating flooding the country has seen in recent years.
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22-10-2016, 07:15 AM
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Re: Annuities

Originally Posted by OldGreyFox ->
They knew what they were doing Purwell. It has been the slow drip drip drip, draining the lifeblood out of the UK, it was engineered. Who would seriously turn down the offer of cheaper goods, so we became reliant on foreign imports and they thought that we would not leave the EU because we could no longer look after ourselves. It remains to be seen if we are going to be strong enough to rebuild our industry or roll over and concede to the single market who will hold us to ransom.
We were complicit by allowing it to happen.
I'm not sure if UK will ever be able to recover from that!
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22-10-2016, 09:43 AM
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Re: Annuities

Originally Posted by gumbud ->
I'm not sure if UK will ever be able to recover from that!
You may be right Gumbud, but it won't bother us too much.
 

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