Annuity Pension

jackuk27

New Member
2
Hi,
I have an annuity pension that my late husband paid into, I was wondering if I am able to have it paid as a lump sum rather than a yearly pension??

Any help is thankfully received :)
Thanks
 
It depends on the plan and product used.

Is it a true pension plan from his job? Have you already started receiving payments?
 
I dont think it was from his job, he didnt actually think it would pay anything out,

Yes I have started payments, I have had 3, it paid a small amount then I could have either had it, monthly, quarterly 6 monthly or yearly, I opted for the yearly because it isn't that large a pension.

thanks for any help again
 
Hi, I have an annuity pension that my late husband paid into, I was wondering if I am able to have it paid as a lump sum rather than a yearly pension?? Any help is thankfully received :) Thanks

Once you have started the payout you can't change to lump sum. There could be some odd exception but not likely. You should contact an agent who is very familiar with annuities in your area to review it with you. Posting your city, state here is a good way to find one.
 
First, I would check to see if there are any non-forfeiture benefits that could be utilized; some states also have widower statutes that provide exemptions so long as you can show that a hardship exists, but you need to read the fine print

If not, there are ways of selling an income stream for a lump sum once it has started. I hope this helps.
 
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