Selling An Annuity Or Pension With A "no Assignment" Clause

You don't have to look far these days to find companies who are willing to give you

cash for your lump sum retirement in exchange for your pension or annuity. Of course, these companies are not created equally, and it's important to take the time to ensure that you're getting the most return for your pension buyout. It's also important to understand the laws regarding how to sell pensions and annuities with "no assignment" clauses.

No assignment clauses are designed to make it more difficult for you to sell your pension or annuity. Contrary to popular belief, however, they donot generally make it impossible to sell your pension or annuity.

In 2001, Congress passed HR2884, which required that all transactions regarding structured settlements (i.e., pensions, annuities, etc.) need to be approved by a state court. Each state's court system uses its own state's laws and statutes in determining how to handle such situations.

The good news for those who desire a lump sum retirement is that (as of this writing) 47 states have passed specific laws which allow and govern the sale of pensions, annuities, and other structured settlements. None of the other three states currently have laws or statutes which forbid a pension buyout or other structured settlement/annuity transactions.

Because of the way HR2884 is worded, the state laws generally trump the language in the structured settlement itself. What that means, in a nutshell, is that those who know how to sell pensions can still help you get a pension buyout or sell your annuity. Even if your pension or annuity includes language that would indicate that you can't receive a pension buyout, you may still be able to receive a lump sum retirement if a judge approves the transaction. In most cases, it is not terribly difficult to receive a judge's permission as long as you are a competent adult and can make the case that a lump sum retirement will benefit you.

Most companies which offer lump sum retirement packages are more than willing (and able) to help you navigate the legal matters related tohow to sell pensions. It's not generally difficult to demonstrate how a lump sum retirement will benefit you. The laws were mainly written to protect underage annuity beneficiaries from mismanagement by caretaking adults looking to cash in on an annuity. As such, most judges recognize that there are many situations in which a lump sum retirementmakes sense and is beneficial for the adult selling his pension or annuity.

by: Mark S. Graham

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