Annuity Broker Deals
Using a good annuity broker can ensure that you maximise the value from your pension fund. Under the open market option you are entitled to shop around for the best annuity deal and you are not obliged to accept the annuity offered by your existing pension provider.
Remember, that once the contract between you and your insurance provider has been signed, you are unable to change your mind and take back your lump sum. Because of this, taking out an annuity plan requires a lot of serious thought. Ensure that you are clear about what an annuity plan entails and whether it is the right decision for you and your personal circumstances. This is where an annuity broker can help in giving you your range of options:
The amount of income your annuity will pay will be determined by a number of different factors including:
Sex (Until December 2012)
Current health situation
The type of basis you choose for your annuity e.g. Joint life option
The amount of money your pension holds
You are under no obligations to stay with your current insurance provider if you decide you would like to take out an annuity plan. This is important to remember as many people do not realise they can change to a different insurer. You may find that this can save you money and find you a better policy.
See below to get quotes and advice from an annuity broker:
If you are still finding it difficult to obtain the right annuity policy, you may want to consider contacting an annuity broker. A broker acts as the middle man between you and the insurance providers. Annuity brokers are experts in their field and could help you to source the most cost effective and appropriate annuity plan for you.
Annuity brokers do charge a fee for their services (typically 1% although this is usually covered by the insurer's commission), but they could take away some of the stress and hassle of finding the right deal. This is particularly the case if your situation is complicated, you have poor health, or you want to consider alternative options to annuities.
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.