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Compulsory Purchase Annuity

A Compulsory Purchase Annuity is the term used if you have built up funds within a Personal Pension, Self Invested Pension, Group Personal Pension, Stakeholder pension, Section 226, Additional Voluntary Contribution, or Free Standing Voluntary Contribution Scheme. You would generally take 25% as a tax free lump sum to spend as you wish, and purchase an annuity with the remainder. This is where your Open Market Option facility comes into play, and allows you to shop around to get the best deal.

If you have more than one pension fund, you may be able to combine them and receive a bigger annuity, or alternatively if you do not need the income immediately you could buy an annuity with one pension fund, and leave the other(s) till later.

If you would like more information on Compulsory Purchase Annuities click here

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