... BUT WE’RE STILL WAITING

We get just £50 a month

HOWARD and Annie Williams (right) want to unlock up to £10,000 from an annuities policy that pays just £50 a month.

The couple, who live in Treharris in South Wales, say the money would be much more useful in one lump sum.

Retired engineer Howard, 71, bought the annuity for £12,156 from Scottish Widows after working for the National Coal Board.

But Scottish Widows is among the firms that refuse to let customers swap their annuity for a lump sum.

Howard says: ‘We haven’t got a lot but that £10,000 would make an immense difference. Fifty pounds a month is neither here nor there.’

Howard and Annie lived in Costa Blanca, Spain, for nine years but moved back to SouthWales South Wales last year year. They wanted to live close to family in Caerphilly, but could only afford to live nine miles away.

Retired accounts clerk Annie, 69, says: ‘We feel we are living in reduced circumstances. We feel we have been discriminated against. People without annuities are enjoying the benefits of their pensions.’