Already retired, have DB Pension, any options?

[Prittstick]

I am a member of a small (9 members) DB scheme. Its actually in surplus, based on the last report I got.

Up to now the company has being paying the pensions directly from its own payroll ( as the buying of an annuity was poor value, these past few years)

Now, the company has informed members that they are buying annuities for all members, all benefits are maintained, and we will be paid from the Life company.

I am just wondering is there any opportunity here...could I get the Annuity cost put in an ARF or other vehicle and manage it myself? ( and benefit from being able to pass on anything left in the fund, on my demise!)

I understand the risks ( and indeed I like the certainty of the Annuity, especially the 50% widow pension) but are there any other options, please.

I am 67 and the pension is 30,000 with a 1% annual increase

 

[Conan]

As you are already a pensioner it is merely the fund offloading the longevity risk by buying an annuity. You have no option in this regard.

 

[Prittstick]

Thank you, Conan

I half suspected that. Cheers!