When you buy an Annuity it is for life. This means selecting the correct annuity framework and deciding upon the most appropriate option, which needs a lot of careful thought.

There are many different options to choose from when setting up your annuity. The options you choose will affect the level of income you receive from your annuity. Annuities are based on a number of factors including your age, the size of your pension fund and the options you select. It is very important that you select the right type of annuity for you, because you cannot change it afterwards. You should consider both your immediate and long term needs very carefully before making your decisions.

Probably the most important factor is the Annuity Rates offered by insurance companies. For example, at the moment level annuities produce much higher incomes than inflation proofed annuities. You may feel it unlikely you will live long enough to benefit from inflation proofing your policy.

What type of income you want to receive?

Some benefits will considerably reduce your initial pension income, whilst others will have a negligible effect. More importantly, the benefits you select need to be appropriate to you and your financial dependants' family's needs.

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