An annuity is an insurance product that, in exchange for some or all of your pension savings, guarantees to pay you an income for the rest of your life. An annuity purchase sits at the more secure, guaranteed and predictable end of the spectrum.
There is a range of annuity products available, as well as a number of features and benefits that can be chosen when it is established. They can be tailored to meet an individual’s exact needs, however it is important that these are considered fully as an annuity cannot be amended once purchased.
Our team provide annuity advice throughout Leicester, Nottingham and all surrounding areas; we will review your current situation and provide annuity options and recommendations that are suitable to your circumstances.
4 key factors that should be considered when buying an annuity:
- Health and whether any lifestyle choices would mean that an enhanced annuity is available
- Whether to take the tax-free Pension Commencement Lump Sum, normally 25% of the pension savings
- How the income is to be received, and whether guarantees and/or protection against inflation are required
- The protection required in respect of dependants’ income and against early death
Annuity Advice
If you are considering an annuity purchase, you should ensure that you test the market to get the very best rate, and the style of annuity that will suit your needs.
If you think that you need advice and advice when considering the annuity market do not hesitate to contact our team in Leicester.
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