If your unsure on how we could help you, or just looking for a little help, leave your details and one of the team will call you back for a quick chat.
Call us now on 0161 413 7051
If your unsure on how we could help you, or just looking for a little help, leave your details and one of the team will call you back for a quick, informal chat.
Home > Blog > Company News > Pensions: Top Annuity Tips to get more for your money
If you have a private pension, your pension provider (i.e. Royal London, Prudential etc.) should send out a Wake-Up Pack around six months before your agreed retirement date. In general, Wake-Up Packs tend to be very long and can be confusing but should tell you key facts about your pension.
If you have numerous pensions, you may receive a pack from each provider. To reduce the amount of paperwork you may receive, consolidating your pensions a couple of years before retirement could be an option.
Best to shop around
To take income in retirement, one option your provider will have offered is to buy a Pension Annuity. An annuity is an insurance product that will provide you with an income during retirement. A Pension Annuity is the only financial product that could give you a guaranteed income for life, structured to your needs. But, before you go and buy a Pension Annuity with your existing provider, it is worth shopping around to check if you are getting the best deal.
People throw away £1 billion in retirement income because they didn’t shop around when buying an annuity
NAPF and Pensions Institute Research, 2012.
How to get the most for your money
There are several ways to get the most for your money when buying an annuity. Here are a couple of annuity tips:
8 out of 10 people could have received a higher retirement income by shopping around
Thematic review of annuities, FCA, 2014.
There are seven big annuity providers in the UK, so checking and getting a quote from each could help you to receive more income than you previously thought. Or you could speak with an Independent Pension adviser from Hilltop Finance, who can do all the legwork for you and help with more annuity tips.
Speak with Hilltop Finance
To get the most out of your retirement pot and ensure you are taking income as tax-efficiently as possible, speak with our pension specialists today. We offer a free, no-obligation consultation and can outline your retirement options and help you work towards a more prosperous future. Our service is telephone-based for your safety and in line with current government guidelines.
Call Hilltop Finance on 0161 413 7051 or click here to request a callback.
Pension Statistics: The Nation’s Biggest Pension Worries
14 November 2023
5 minute read
10 Retirement Planning Questions To Ask Your Financial Adviser
02 November 2023
5 minute read
Hilltop Financial Planning Recognised As Top 100 UK Financial Advisers By FT Adviser For Second Year In A Row
17 October 2023
5 minute read
We just need to take a few more details to understand what we can help you with and when is convenient for us to call you back. Gives you a chance to pop the kettle on ☕
What would you like our expert advice on?
Is there any advice in particular?
Finally, just pop your details here and we’ll be in touch