Joint Life Annuities
Joint Life Annuity Quotes
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. If you are married or have a partner you may wish to use your pension fund to buy a joint life annuity. While the level of income you will get will be lower by opting for a joint life basis you can ensure that on the first death the surviving annuitant will still get an income for life. You can opt for the income to reduce on first death e.g. by one third. By doing this you will increase the initial level of income and even more if you opt for an annuity reducing by 50% on first death. If you or your partner have a medical condition this can result in a higher annuity income being offered. A number of annuity companies will take into account health and lifestyle factors e.g. smoking. Other factors that determine the level of income you will recieve include:
Current health situation
The type of basis you choose for your annuity e.g. Joint life option
The amount of money your pension holds
See below to get quotes and advice from an annuity broker:
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.