Annuity FAQs

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Annuity FAQs

Annuity advice, use this page to consider our opinion on many general annuity questions

UK annuity information from UK-Annuity.com part of UKinsuranceNET Broker Network.

Below you will find answers to some of the most commonly asked questions in relation to annuity advice. If you do not find the answer to your question here please complete our annuity enquiry form.

• When should I purchase my annuity?
• Can I combine all my pension policies together to buy one annuity?
• How secure is the annuity?
• Will I qualify for an impaired life annuity?
• Why should I use an advisor and not do it myself?

When should I buy my annuity?

We do not believe that anyone can predict the future with sufficient accuracy as to identify when it may be the optimum time to buy. However, in the past decade, it has generally been the case that delaying an annuity purchase has resulted in a loss of income; not only because annuity rates have dropped significantly in the five years since 1998, but also because of the income sacrificed during the delay period.

When contemplating whether to delay or not, you should consider the following:

• How will your invested pension fund perform during the delayed period? Are you going to leave it fully equity-linked during this period, or will you move your pension fund investments into safer secure areas, that generally have lower performance, in order to avoid stock market fluctuations immediately prior to retirement?
• What will annuity rates do? Will they go up or down during this period?
• How much income will you lose by not drawing any income at all?

Can I combine all my pension policies together to buy one annuity?

This is sometimes possible depending on the actual type of policies you hold. However, current legislation will determine the feasibility of this. Your recommended annuity adviser will be able to tell you if this is possible.

How secure is the annuity?

A standard annuity is extremely secure. In fact, we are not aware of one instance in the UK where a standard annuity has defaulted in payment. Investment-linked annuities, however, are generally only as secure as the funds in which they are invested.

Will I qualify for an impaired life annuity?

This often cannot be determined until the annuity providers are in receipt of all the necessary medical evidence. There are some cases that will be obviously eligible for an impaired life annuity, but the ultimate decision rests with the insurance company concerned, and each case is assessed on its own merits. Impaired life annuities are only offered where life expectancy (not the quality of life) is seriously reduced.

Why should I use the services of an adviser and not do it myself?

Our recommended advisers specialize in retirement income. Moreover, no single annuity provider in the entire UK provides every type of annuity product available. Our advisers know which annuity providers are able to offer a particular product or variation, and which will offer you the highest income. And, just as important, they are experienced in handling the reams of administration that are inherent with annuity purchase.

Annuity providers update our recommended advisers regularly with annuity rate changes. They are also frequently used by the financial press as a reliable source for current annuity rates and historic annuity rate trends.

The services of our recommended advisers will remove all the worry and frustration involved in the process and leave you feeling satisfied that you have obtained the best possible income from your pension.

It pays to take advice if you want to know more about the benefits each type of annuity and the annuity alternative

UK IFA NET provide fully independent Annuity Advice for your individual requirements. Simply click for a quote. Alternatively speak to one of their highly experienced consultants today on 0845 365 2410 quoting ref WS9 or fill out our online quote request form and one of their advisors will contact you.