What is an annuity?
An annuity is what you can buy with your pension fund to provide an income for your retirement.
An Annuity converts the money held in your pension fund into a guaranteed income for the rest of your lifetime. You must choose the annuity which is right for you and suits your needs. There are many options for an annuity such as Single or Joint life, what type of escalation you require, the options can change the level of income you would receive.
Your current pension provider may not be offering you the highest income available. The Government actively encourage you to shop around using the Open Market Option, because different Annuity providers have different rates which would mean different amounts of income.
The Retirement Desk specialise in annuities and we deal with ALL of the annuity providers to ensure we obtain the highest income possible.
Different types of Annuity:
Conventional/Standard Annuity – Pays a guaranteed income for life.
Enhanced Annuity – Pays a guaranteed income for life but pays higher income than the standard annuity based on your lifestyle, smoking or medical history. >see our case studies
Fixed Term Annuity – Pays you an income (if chosen) for a fixed period of time.
Call now and talk to a Retirement Consultant who will run through the options you require and obtain the highest income possible- 01604 379379
Options for a Lifetime Annuity are there to tailor your annuity to your needs:
- Tax free cash lump sum- You can take upto 25% of your pension fund tax free when you retire.
- How often you would like the income to be paid- you can choose your payment frequency from monthly, quarterly, half yearly or annually. You can also choose to have the payments in arrears or in advance.
- Guarantee Period- you can choose how long you would like the annuity to continue to pay out in the event of an early death. The standard with all providers are 5 or 10 years but some will go upto 30 years.
- You can choose the level of income from a fixed/level basis where the income stays the same for the rest of your lifetime or you can choose escalating at 3%, 5% or in line with RPI. (Escalating quotes do start off lower than a level income and can take a number of years to catch up with the level income)
Get a free no obligation quote from The Retirement Desk on 01604 379379
We will run through your details and will compare with all of the providers on your behalf to ensure that we obtain the highest income possible for you on the open market. We will let you know who is offering the highest income and if you wish to proceed we ensure that all of the paperwork and administration is completed on your behalf.