Three things we learned this week

Pensioner loses £35k for not buying annuity before 75 A pensioner who built up a pot worth almost £50,000 in a Virgin Money stakeholder pension has been left with just £15,000 after failing to buy an annuity before he turned 75. The Telegraph reports Virgin deducted £35,000 in tax - as required by law - when the pensioner failed to move his cash to an annuity company before the deadline. A pensions ombudsman report stated Mr K Finn saw his pension post go from £49,169 to £14,760. Finn challenged the decision with an appeal to the Pensions Ombudsman's office but was unsuccessful. ...