Pension Annuity Taunton Somerset Invest Southwest

What is a Pension Annuity?

A lifetime annuity pays a guaranteed income for your life from the funds you have built up in your pension plan.

Your annuity provider will pay you a regular income, taxed in the same way as earnings. The amount of income payable is dependent on your age and health, the size of your pension fund, economic factors, the type of annuity and the options you select.

You should also be aware that once you have purchased an annuity you cannot cash it in or make changes to your selected options.

Annuity options include:

Single-life or joint-life	Frequency of Income
Income paid in advance or in arrears	With Or Without Proportion
Level, Escalating or Decreasing	A guarantee period
Annuity protection lump sum death benefit

You must be aged 55 or over or, if younger, meet ill-health conditions. The annuity must be purchased using funds from your uncrystallised rights held in a money purchase pension or from drawdown funds.

Some annuity providers offer annuities which pay you a higher than normal income if you have a medical condition(s) which can affect your normal life expectancy. These are called impaired life annuities.

An enhanced annuity may be available if you smoke regularly, are overweight, if you have followed a particular type of occupation or live in certain parts of the country.

Find out more in our Pension Annuity Guide's

Tell me more about a Pension Annuity

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"Excellent service from my financial advisor who Is friendly, approachable and easily contactable.. Smooth process when moving investments to Invest Southwest. Am always reassured by the advice given and feel confident that my investments are being managed in a way that will ensure that my income needs following retirement will be best met."
Mrs D.