If you want a guaranteed income for life when you retire, an annuity might be a good option to consider.
annuity is a guaranteed, regular income which you purchase from an insurance company
using your pension fund. The insurance company is then responsible for paying
you an income for at least the rest of your life.
There are many different types of annuity, each
designed to suit different personal circumstances. A free online annuity
planner is available at www.pensionsadvisoryservice.org.uk which can help you decide which type of annuity is right
will need to make some choices about the type of annuity you want to buy. There
are lots of different types on the market, and annuity rates vary quite a lot.
We recommend you talk this over with a financial adviser.
an important decision, as once you’ve bought an annuity, you can’t change your
mind even if your personal circumstances change.
income you get from an annuity can be affected by a number of different
factors, these include:
factors are only considered by providers of so-called lifestyle, or enhanced
annuities. The amount you receive could be substantially higher than you’ll get
from a provider that doesn’t consider these factors.
us on 0345 129 9993 to get an
annuity quote or to find out more about the annuities on offer.
Find out about other retirement options with our Pension Benefits Guide.
Download the Your Pension - It's Time to Choose factsheet from the Money Advice Service.
If you'd like to find out how you can find help with retirement planning.
a retirement income option is a big decision so we recommend that you get
guidance or advice to help you to understand your options.
Wise is a
government backed service available to anyone over the age of 50. The service
is free and provides impartial guidance appointments over the telephone and/or
face to face to help you to understand your options at retirement. It can offer
recommend you visit the Pension Wise website at www.pensionwise.gov.uk to find out what the service
offers and to begin to understand the options available to you. To book a
telephone or face-to-face appointment you can visit the Pension Wise website or call 0800 138 3944.
addition, you should visit www.moneyadviceservice.org.uk to access their ‘Your
pension – it’s time to choose’ guide and other useful retirement tools.