Strange annuity problem

Simon Hancock · 2004-08-04T10:00:40+00:00

I'll set the scene first... My father bought a few annuities on retirement 15 years ago. When he died 10 years ago, my mother took all his financial information to his accountant to sort out. All the annuities and pension plans were then paid into my mother's account and everything has been smooth for 10 years. Recently she received a letter from Sun Life informing her that they are in the process of checking through all their old policies. They asked her to fill out some forms to update their records. Next they sent a letter telling her that the annuity was only in my father's name and should not have been paid to her for the last 10 years. When she phoned Sun Life to discuss the matter, she was told that Sun Life were unaware that my father had died. When she checked through all the documentation she had kept for the last 10 years, there wasn't anything from SL. She is panicking now that they are going to stop her income and ask her to pay back the money. The whole thing sounds weird to me. 1) If her details weren't on the original policy, how did SL decide to start paying the money into an account in her name. If there was only one name on the policy, how would they know about her? 2) If they were not aware of my father's death, why are they paying 'his' money into a different account? They must have informed 10 years ago to make them change their payment details. 3) They claim they have documentation that shows only one name on the original policy. After you buy an annuity can you change it to a joint policy (and take a smaller income)? I get the impresssion that SL have very poor records and it wouldn't surprise me if they could have lost an amendment, if one existed. 4) This is obviously subjective, but it's not the sort of thing my father would do. Every other policy was taken out in joint names. My father's old accountant is going to check to see if they still have any records dating back 10 years, but it's a long shot. Any suggestions or advice? TIA

Aug 04, 2004 21 Replies

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Rhoy the Bhoy 21 years ago

Robin Graham wrote: [snip]

[snip]

Except that the "someone" could not be just anyone. It would have to have been either the annuitant or someone holding his authority.

Unless the annuity was for joint lives, why would SLOC have accepted an instruction of this kind from the executor ?

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john boyle 21 years ago

I think the point was that the deceased gave the authority in his lifetime.

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