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:
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
Independent Financial Advice
Speak to a fully qualified and independent
Invest Southwest adviser today.
Call 01823 353970
Why choose Invest Southwest for your Pension Annuity?
- We have a team of fully qualified and independent financial experts
- We are highly recommended by our clients
- We deal with a wide range of products
- Our initial consultation is FREE
Call 01823 353970 to find out more
"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."
Latest Pensions Articles
Pension wealth increasing
New data from the Office for National Statistics (ONS) Wealth ...
Blocking out ‘noise’ for the good of your portfolio
It’s so easy to feel overwhelmed by the ...
A lifetime of investing
As we move through life, our plans and goals will ...
Wealth - In the news
ESG assets will exceed £36.5trn by 2025 ESG assets are ...