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Annuities

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Shop around here for your annuity comparison. Compare the annuity market here.

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This will give you an idea of the sum that is likely to be involved. These quotes are for information only.

 

What is an Annuity?                                                    Annuity online illustration

 

An annuity converts the sum of money from your pension fund into pension income, which is taxed. Buying an annuity means you exchange your pension fund for a lifetime income.

 

There are different types of annuity. The main types are:
  - level annuity,
 - increasing annuity  
 - investment linked annuity

 

The amount of income an annuity will pay will depend on :

 - the amount of money in your pension fund

 - your age, sex and health

 - the type of annuity you choose.


Your Age

According to government estimates, women live longer than men. This means that the starting income for a man from the same size pension fund as a woman, will usually be higher.

The income that you get at the start of an annuity is higher the older you are because the companies are assuming that you won't have as long to live.

 

Tax free lump sum

You can take up to a quarter of your pension fund in cash, as a tax free lump sum. You should ask your pension fund administrator how much you are entitled to.

 

CLICK HERE for further assistance in deciding what you need.

 

  Your Basic Options

 

1.       Single life Annuity ? Just for you if you don't have a spouse or partner or they have their own pension provision.
 OR
Joint life Annuity ? This will pay out to your spouse or partner after your death.

2.         You can also choose whether you want your single or joint life annuity to be
-    a level annuity that pays the same income every year for the rest of your life
 OR
 -    an escalating annuity that pays an income that increases each year for the rest of your life.

You can also guarantee whichever annuity you choose for a specific period, usually 5 or 10 years. This means that your annuity provider will continue to pay the annuity income to your heirs if you die before the guarantee period expires.

 

Joint-Life Annuities

 

Basic annuities can be single life or joint life. Unless you choose a guarantee period,

a single life annuity will only pay out during your own lifetime. Your partner will get when you die.

A joint-life annuity continues to pay an income to your partner after your death. Joint-life annuities are more expensive than single-life annuities because the insurance company will expect to continue paying the annuity for longer.

 

-       You can choose whether your joint life annuity pays your partner the

same as you were receiving, or two thirds or a half of what you were

receiving. NB. If you are not married, check with your provider that your partner will be eligible to receive the income from a joint-life annuity.

 

With some occupational money purchase pension schemes, you must opt for an annuity that provides a pension for your widow or widower equal to half the income you were getting. From 5th December 2005, this will apply to civil partnerships too.

                                                 

Level Annuity

 

Level annuities have a higher starting income than escalating annuities but as this income will remain the same every year for the rest of your life, it will buy less each year as your living expenses inevitably rise with inflation.

 

Escalating Annuity

 

There are two main choices of escalating annuities:

 

-          Fixed rate escalating annuities where your income is guaranteed to increase at a fixed rate each year. 3%, for example.

-          RPI  linked annuities where your income is adjusted each year to reflect changes in the Retail Price Index (RPI). Your income is not guaranteed to rise each year. If the RPI does not rise one year, your income will not change. If the RPI falls, then so will your income for that year.

 

 

CLICK HERE if you would like some assistance from one of our advisers over deciding which type of annuity is for you.

 

You will be asked for some basic personal information (which we will not share with anyone else). After you have obtained your example quote, if you think that you may be interested in this type of product, please contact us on 0800 458 3525 to speak to one of our Independent Financial Advisers for advice. You will not be able to purchase any of these products directly from the website as these products are complex and we would wish to ensure that you have the correct advice and only buy a product that is suitable for your circumstances. There will never be any pressure to buy through us.

 

Please note that not all the providers we use are available online at the moment. We would strongly recommend that you contact us on 0800 4583525 or click on the button at the top of the page for one of our fully qualified and experienced Independent Financial Advisers to talk to you about these products.