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Surrender of immediate annuities

R

radex

Member
Page 5, 3rd para of chpt 9 ( cashflows of simple products) of 2017 material mentions that immediate annuities cannot normally be discontinued.

Why is this so?
 
Imagine you pay me £100,000 to buy an immediate annuity of, say, £5000pa. If you later turn around and say to me you want to stop the annuity (obviously you'd want paying to do so), then what does that say about your health??!
 
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