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Long-term security from annuities 
The long-term security that annuities provide can make them a suitable choice for the great majority of those retiring. This is because they can guarantee to pay a fixed income for the rest of your life, regardless of how long you survive.
Guaranteed annuities promise to pay the annual income you are supposed to get from an annuity for a minimum fixed period, usually five or 10 years, whether you live or die. For example, if you die a year after buying the annuity, the life insurer will carry on paying the annual income to your named beneficiaries for a further four or nine years. Capital-protected annuities promise to refund your entire pension pot to named beneficiaries if you die within a set period, subject to 35 per cent tax. But they can reduce the income you will receive while you are alive, and they return your cash only up to the age of 75. For the majority of people who will end up buying an annuity, one thing is certain - that you take professional advice to ensure that you get the best deal. You have only one chance to buy an annuity and you could boost your income by up to 20 per cent by getting the best deal on the market rather than just taking the annuity your pension provider offers. If you require any further information about the services that we provide or would like to review your financial planning position, please contact us |