Pension annuities
If you are approaching retirement and have built up a pension pot, either through a personal pension or an occupational pension scheme, then an annuity provides your lifetime income.
Shopping around
Your existing pension provider will offer you an annuity (an income for life) but you don’t have to accept their offer. You have the option to use your pension pot to shop around for a higher income, also known as the ‘open market option’.
Annuities from other providers can be significantly higher and, as this is paid for life, the additional value can be substantial.
Enhanced annuity
It is possible to achieve an income up to 40% higher through an enhanced annuity. These are generally available to people with a health condition or those who smoke. If you answer yes to any of the following questions, you may apply for an enhanced annuity:
• Have you spent time in hospital in the last five years?
• Are you on any medication?
• Do you have any ongoing medical conditions?
• Do you smoke?
It is vital to ensure you get the best deal you can as you only get one opportunity; once you have committed to an annuity provider and started to receive an income the decision cannot usually be reversed.
Why Protection & Investment?
We have many years experience in ensuring our clients maximise their retirement income. And, being fully independent, you can rest assured we will find you the best deal from right across the market.
Do not delay, contact us today - most pension providers send their final annuity quotes 4-6 weeks before your retirement date which leaves little time to explore your options and complete the application process.
We also offer advice on:
“ Having met three different IFAs in the Andover area, I chose Neil to give my wife and I financial advise as he was the only IFA that didn’t pre-judge our circumstances and took the time to visit us at home in the evening. We’ve been very happy with the support and advice we have received from Neil and would not hesitate in recommending him to our family and friends - Nick & Vicky, Andover ”
