Interestingly enough, over the last couple of weeks I have had several (more than 4 queries) relating to Abbey Life Pensions and problems close to or at retirement.
If you own an Abbey Life Pension you will need to be aware of the following points;
Abbey Life will automatically send you Retirement Options a couple of months before you are due to retire. If you do not respond the following will happen.
Abbey Life will automatically purchase you an annuity with the value of the fund and put this in payment to the last known bank details held.
You should therefore take immediate action to ensure that Abbey Life Pension have your correct address details on file in order that you are in receipt of the information relating to your Pension in advance of your retirement date.
Remember once an Annuity has been purchased there is nothing you can do about it to either increase the value of your Pension or by having some increased flexibility over your planning.
Richard Smith – Personal Financial Planning Expert
http://www.thefinancezone.co.uk 0845 226 9106
“if you really think any of the banks are acting in your best interests you are mistaken” Richard Smith UK Investment Forum comment.