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Home > Pension Advice > Pension Annuity
Looking for a secured income throughout your retirement? Purchasing a pension annuity could be a great way to cover essential bills once you’ve stopped working. Providing financial security, a Pension Annuity is a low-risk retirement option – but is it right for you? We can help you figure it out.
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A Pension annuity is where you buy an insurance agreement that will pay you a set, regular payment for a period of time. An annuity can be purchased with part or all your pension pot, and before pension freedoms in April 2015, was the main way to use your pension funds for income.
Although not as popular currently compared with pension drawdown, many people consider an annuity as a way to cover essential bills. They like the security an annuity gives them.
Purchasing a Lifetime Annuity will pay you an income for life, and potentially could pay a spouse or nominated beneficiary an income for life after you die. There are different types of Lifetime Annuities including a basic lifetime annuity, enhanced lifetime annuity (if you have a medical or lifestyle factors) and an investment-linked annuity.
A fixed-term annuity will pay a regular income for a set period, usually over five to ten years. After that, you could get a maturity payout that you could use to purchase another retirement product.
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Buying a Pension Annuity is an important choice, and we’d always recommend speaking with an independent adviser first before making any decision. Once your annuity is purchased, your money is locked in with the insurance provider, and normally irreversible. You should consider the below questions.
We’re committed to going the extra mile, holding your needs and requirements at the centre of our trusted advice. Everybody is different, and the financial advice we deliver reflects that. Our professional advice is always relevant, personalised and tailored to you.
Even after you’ve done your research, you’ll probably still have some questions. Why not give one of our friendly team a call and explore whether financial planning advice might be right for you.
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