Get up to 40% more Income!
Thinking of buying an Annuity from your pension fund or from private capital? Our Annuity Service provides:-
- Depending on your pension provider up to 40% More Annuity Income
- Information on investment annuities and with profit annuities
- Assessment of your circumstances to find the most suitable type of annuity for you or whether there are any other options more suited to you.
- Information on lifestyle annuities - including smoker annuities and impaired health annuities you may get even more annuity income.
- Comparing annuity rates to ensure that you maximise your annuity income.
- Explaining the annuity options available to you.
- Helping you with the relevant paperwork to ensure that you annuity is processed smoothly.
There are different types of annuity for different requirements and our Guide to Annuities gives a brief overview of this financial product.
Annuities, in their simplest form, are a promise of a regular income for the remainder of your lifetime in exchange for an initial lump sum. Essentially, you are buying yourself an open ended income for a known initial lump sum payment.
Of course, the annuity market is constantly developing and whereas the original annuity was a fixed payment for the remainder of your lifetime, now it is possible to receive an annuity which increases each year in line with inflation (or indeed by a fixed percentage) and annuities which may only be paid for a certain amount of time.
There are now many different types of annuity from which to choose and many companies operating in this very competitive market which makes it important that you compare annuities to ensure that you obtain the most competitive rate. Many types of annuities have been developed for specific purposes and so by their very nature will be most suitable, if not the only option, given certain circumstances.
For the majority of people, their main exposure to annuities will be through their pension scheme, whether this is a personal pension scheme or one provided by their company. Pension annuities, also known as compulsory purchase annuities, will be payable for your lifetime and the amount that you receive will be dependent upon a number of factors, namely:-
- The accumulated fund value
- Your age at retirement
- Your sex
- Whether you would like an income paid to your spouse after your death and if so, their sex and age
- Whether you are happy to have a higher initial income which remains level throughout your life or wish to build in an element of inflation proofing which will mean receiving a lower initial income
Importantly, annuity rates themselves fluctuate according to interest rates, gilt yields and life expectancy.
Different types of annuities are taxed in different ways so that pension annuities will normally be taxed as income, whereas an annuity effected for investment purposes may well be payable partially tax free.
It is important to note that once an annuity has been purchased, it cannot be amended or encash or assigned to another party. In the majority of cases, annuities are payable for your lifetime and will cease on your death unless you have included a widow/widower’s pension or a minimum guaranteed period.
Important Risk Information:
This website contains information only and does not constitute advice or a personal recommendation in any way whatsoever. The value of investments and income from them can fall as well as rise and you may not get back the full amount invested. The tax efficiency of ISAs is based on current tax law and there is no guarantee that tax rules will stay the same in the future.
Different types of investment carry different levels of risk and may not be suitable for all investors. Please ensure that you read the Important Risk Information for further details. Prior to making any decision to invest, you should ensure that you are familiar with the risks associated with a particular investment and should read the product literature. If you are in any doubt as to the suitability of a particular investment, both in respect of its objectives and its risk profile, you should seek independent financial advice.