The Pension Annuity 'Transfer Window' Remains Open, Says Legal & General

Annuity customers are free to transfer multiple pension 'pots' to consolidate retirement income.

2013-04-15

SURREY, ENGLAND, April 15, 2013 (Press-News.org) Followers of English football will no doubt be aware that the transfer window for the Premier League closed at the end of January, with clubs now unable to transfer players in until the end of the season. But people might not be quite so aware that they themselves are free to shop around and use 'transfers' from multiple pension funds at any time, when buying their pension annuity.

Pension annuities have traditionally been a one-off purchase, which people buy to convert their pension fund savings into an income for life. However, with people changing jobs more often these days, more customers will have multiple pension fund savings 'pots' to buy an annuity with, as Tim Gosden, Head of Strategy for Individual Annuities at Legal & General explains.

"The recent removal of a maximum buying age for annuities in the UK has given people more flexibility to decide when to covert these pots into a retirement income. Many people are choosing to phase-in or defer their retirement these days, continuing to work full or part time beyond their original planned retirement age. Buying more than one annuity could actually suit them by releasing their tax-free lump sum entitlement and income at different times."

Many still prefer to buy just one annuity for simplicity and can choose to consolidate their income payments each year by purchasing an immediate vesting pension (IVP). An IVP is a pension fund arrangement that can receive transfers from one or more existing pension funds with the total proceeds used to immediately buy a pension annuity.

Tim added; "Some annuity providers also offer immediate retirement annuities, which can accept personal payments ('contributions') from outside of an individual's pension fund savings. The provider can then normally add tax relief to the contribution to provide a last minute 'top up' to the amount they have to buy their annuity with, helping to boost their retirement income."

Note to readers and editors

This article is intended for consumers.

Website: http://www.legalandgeneral.com/

ELSE PRESS RELEASES FROM THIS DATE:

Laura Wellington: Yahoo & Style Studio "Makeover" Transforms Author Of "The Four-Star Diet" Into Bombshell (Video)

2013-04-15

There is no doubt that Yahoo's ability to spot "leadership and success" is a testament to its own dynamic "leadership and success". Take "THE FOUR-STAR DIET: Based Upon The Wisdom Of General Colin Powell & Other Ridiculously Brilliant Leaders" for example. The ink on this, now, "global sensation" was barely dry when Yahoo invited author, Laura J. Wellington, to take part in the makeover series "Style Studio with Rebecca Minkoff" hosted by Yahoo. "True influence and change causes chatter. It's the mark of being ...

Drug-coated stents prevent leg amputation

2013-04-14

NEW ORLEANS (April 14, 2013)—Drug-eluting stents can keep clogged leg arteries open, preventing amputation of the leg, suggests research being presented at the Society of Interventional Radiology's 38th Annual Scientific Meeting in New Orleans. "Peripheral arterial disease (or PAD) is becoming increasingly prevalent due to our aging population and the obesity and diabetes epidemics," said Robert A. Lookstein, M.D., FSIR, lead researcher and chief of interventional radiology at Mount Sinai Medical Center in New York, N.Y. "Many PAD patients are not candidates for surgery ...

Freezing nerves knocks pain out cold

2013-04-14

NEW ORLEANS (April 14, 2013)—Using a tiny ball of ice, a minimally invasive interventional radiology treatment called cryoneurolysis safely short circuits chronic pain caused by nerve damage, according to data being presented at the Society of Interventional Radiology's 38th Annual Scientific Meeting in New Orleans. "Cryoneurolysis could have big implications for the millions of people who suffer from neuralgia, which can be unbearable and is very difficult to treat," said William Moore, M.D., medical director of radiology at Stony Brook University School of Medicine ...

Icy therapy spot treats cancer in the lung

2013-04-14

NEW ORLEANS (April 14, 2013)—Frozen balls of ice can safely kill cancerous tumors that have spread to the lungs, according to the first prospective multicenter trial of cryoablation. The results are being presented at the Society of Interventional Radiology's 38th Annual Scientific Meeting in New Orleans. "Cryoablation has potential as a treatment for cancer that has spread to the lungs from other parts of the body and could prolong the lives of patients who are running out of options," said David A. Woodrum, M.D., Ph.D., an author of the study and interventional radiologist ...

Electrical pulse treatment pokes holes in hard-to-treat tumors

2013-04-14

NEW ORLEANS (April 14, 2013)—A new, minimally invasive treatment that tears microscopic holes in tumors without harming healthy tissue is a promising treatment for challenging cancers, suggests a preliminary study being presented at the Society of Interventional Radiology's 38th Annual Scientific Meeting in New Orleans. "Irreversible electroporation (or IRE) is a new way to attack cancer, using microsecond electrical pulses to kill cancer at the cellular level without damaging healthy tissue nearby. It may be especially beneficial in treating liver, lung, pancreatic ...

Stenting blocked bowel arteries saves lives

2013-04-14

NEW ORLEANS (April 14, 2013)—Stenting reopens completely blocked bowel arteries, preventing damage and even death from a condition that causes individuals severe pain and leads to excessive weight loss, notes research being presented at the Society of Interventional Radiology's 38th Annual Scientific Meeting in New Orleans, La. "Stenting blocked mesenteric arteries saves lives," said Daniel A. Leung, M.D., program director of vascular interventional radiology for the Christiana Care Health System based in Wilmington, Del. "Open surgery has traditionally been the primary ...

Choosing the appropriate structure for a business in Maryland

2013-04-14

Choosing the appropriate structure for a business in Maryland Article provided by McNamee, Hosea, Jernigan, Kim, Greenan & Lynch, P.A. Visit us at http://www.mhlawyers.com Many people dream of starting and owning a business; but oftentimes, they do not know what type of business entity to choose. There are several types of business entities for hopeful business owners to choose from -- the key is to select the one that is most appropriate for all involved. Weighing the pros and cons of each type of entity is a good idea for business owners because certain ...

U.S. Supreme Court issues two opinions on drug sniffing dog searches

2013-04-14

U.S. Supreme Court issues two opinions on drug sniffing dog searches Article provided by Spring & Spring Visit us at http://www.springandspring.com The U.S. Supreme Court has issued a series of decisions recently regarding the legality of police searches which resulted from drug-detecting dog alerts and led to the arrest of a suspect. Under the Fourth Amendment, U.S. citizens have a right to privacy and are free from unreasonable searches and seizures. Police therefore cannot search people or their homes without a warrant or a person's consent to search for ...

Understanding the difference between SSI and SSDI

2013-04-14

Understanding the difference between SSI and SSDI Article provided by Smolich & Smolich Visit us at http://www.smolichlaw.com/ Despite using caution, there is always the possibility of an accident. Individuals who are seriously injured or disabled by an accident may be unable to continue working and providing for their families. Because of this unfortunately reality, everyone should be aware of their ability to obtain Social Security benefits. Knowing about Social Security benefits and how to apply for them can help you plan for a more secure financial future. Eligibility ...

The difference between probate and non-probate assets

2013-04-14

The difference between probate and non-probate assets Article provided by Wright Abshire, Attorneys, A Professional Corporation Visit us at http://www.wrightabshire.com/ When creating your estate plan, it is important to understand the plan's different components; specifically, the difference between probate and non-probate property. This is because a certain type of property -- non-probate property -- is not governed by your will at all and doesn't have to go through the probate process. What is probate? Probate is the court process through which the validity ...

Turning agricultural waste into advanced materials: Review highlights how torrefaction could power a sustainable carbon future

Pollen counts can be predicted by machine learning models using meteorological data with more than 80% accuracy even a week ahead, for both grass and birch tree pollen, which could be key in effective

Rewriting our understanding of early hominin dispersal to Eurasia

Rising simultaneous wildfire risk compromises international firefighting efforts

Honey bee "dance floors" can be accurately located with a new method, mapping where in the hive forager bees perform waggle dances to signal the location of pollen and nectar for their nestmates

The Pension Annuity 'Transfer Window' Remains Open, Says Legal & General

ELSE PRESS RELEASES FROM THIS DATE:

LAST 30 PRESS RELEASES: