Understanding Pension Annuities
Annuities were traditionally the main way people took their income from their pensions. With drops in gilt rates and interest rates and the government introducing pensions freedom, income drawdown has now become more popular. However, they are still the only way to provide a guaranteed secured income from your personal pensions and therefore must always be considered.
Our pension advisers will help you understand your retirement options. Considering both drawdown and annuities to help you make more informed decisions for the right option for you. They will also find you the best rates on the market, taking into consideration your personal circumstances and compare your existing pension providers against the highest rates offered on the open market to ensure you get the highest level of income possible for retirement.
Are Annuities Still Worth It?
Annuities still provide a guaranteed secured income with no investment risk. So they should always be considered when looking at your pension options for retirement.
Factors such as your health and lifestyle could increase the rates, so without proper comparison, you can’t make a fully informed decision. Your situation, objectives and attitudes towards risk will help an adviser to understand what option is best for you and provide you with advice.
How Do I Increase The Income My Existing Pension Provider Is Offering?
The annuity market is competitive and therefore who is providing the best rates changes from one month to the next. It is important to get a comparison of your existing pension provider against what is offered on the open market.
You should also ensure that you have completed a health questionnaire as factors such as your health and lifestyle could also increase the rates being offered. Without doing this, you could be losing out on hundreds, if not thousands of pounds of additional retirement income each year.
Contact your local pensions adviser
We have offices across the South of England ready to help and advise on your retirement needs and annuities. Contact our pension advisers today to find out more and discuss your needs.
What our client sayView all Quotes
They have always offered sound advice which has enabled me to enjoy my retirement. Whilst having a reasonable standard of living, my core investments continue to grow meaning that my pension pot is still growing and my income from my pension pot is in place for many years to come.
Mr G Lindley, salisbury
Having imagined that we would have to continue full time work until State pension age (66, we are currently 64 and 61) Gavin showed us that with careful planning we need not to. We managed to go part time 18 months ago and retired fully last week! Happy days.