I had a number of small pensions which I had grouped together with Standard Life. When I started to look at drawing a pension for the fund the annuity that could be bought from Standard Life turned out to be a pittance. I was disappointed to say the least even though it was only a small pension. I happened to have had a magazine in from Key Retirement Solutions so I gave them a call and contacted Stacey Kellett. She arranged a quote for me which came out nearly three times as much by putting the pension pot into an annuity with Canada Life. The whole process was easy and fairly quick, although it took SL a while to release the funds. Canada Life actually made the first pension payment into my account before the final paperwork arrived which puzzled me as I had no information at that time of where the payment had come from! KRS made the whole process very easy, but I do think the Government should be looking at the annuity businesses because the returns are very low. If Canada Life pay me my pension for 15 years they will only have paid out about 80% of my pension pot and they will have derived 15 years of income from it. Overall, legalized robbery foisted on us by the successive Governments. At least KRS got me a bigger return than I would have got and I thank them for that.
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