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Only winners in growing annuity scandal are pension companies

I was interested to read Martin Williams's article ("Annuity probe amid fears pensioners are losing out", The Herald, February 1).

Twenty five years ago, at the behest of a certain lady Prime Minister, I took out a private pension. Now, with only a month to go till it matures, I am in shock to learn how little pension I will receive.

I am only allowed to remove one-quarter of the fund as a tax-free lump sum, due to Government legislation.

With the rest I will receive a derisory amount on a monthly basis – not leaving much after I feed the dog.

I calculate that I will have to live until I'm over 90 to get my money back, so would have been better to put the money under the mattress.

On speaking to several others in a similar position, I cannot understand why there is not a public outcry over this.

The only winners are the pension and annuity companies and so-called independent financial advisors with whom I have no recourse after 25 years.

Sheila Begbie,


Fisherwood Road,


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