I have a client that tells me that he has an annuity that is maturing and he contacted the bank ant the lady he talked to told him that if he takes it out it will be penalized and taxed,
I know if he claimed it in the year that he put it in there it will be taxed as income,
But is it true that there could be a penalty at maturity ?
Please advise

If it is early withdrawal, then you pay 10% penalty.

First what type of investment is it, and in general retirement plans don't "mature" unless it was some special investment that will now need to be rolled over into some other plan.

You need to just tell us all about what type of plan this is, the persons age and why they are going to withdraw the money