Phoenix Life customers with small annuities in payment are being given the chance to exchange their regular income for a one-off taxable lump sum.
The offer is available to a group of customers aged between 55 and 85 with an annuity in payment not exceeding £300 a year, provided that the calculation value does not exceed £2,000 and which commenced before pension freedom was introduced in April 2015. Customers will be able to claim the offer from this month and after receiving a cash offer, they will have six weeks to consider whether or not to take it. Those who decide they want to continue with their annuity will not need to do anything and there will be no changes to their policy. Each customer will receive a personal outli...
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