Annuity

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I want a standard pension annuity quotation (includes fixed and variable rates).
I want an impaired life pension annuity quotation (includes fixed and variable rates).
I want a smoker pension annuity quotation (includes fixed and variable rates).
I want a purchased life annuity quotation (not for pension funds).
I want a quote for an immediate care annuity.
I want a quote for long term care annuity.
I want to discuss my annuity options with a financial adviser (no obligation).
I want advice regarding a pension transfer.

Annuity

An annuity is a way of converting a lump sum, normally a pension fund, into an income for the rest of your life. It can never be used up regardless of how long you live.

UK law dictates that most people must purchase an annuity with their personal pension funds between 50 and 75 years of age. Usually you can take 25% of your pension fund as a tax-free lump sum. The amount you can take will depend on the type of pension that you have.

It is normally best to take the lump sum from a pension, but there are circumstances when it might be better not to. Many people invest their tax-free cash elsewhere, in order to provide a greater income.

An annuity is the most common method of obtaining an income from a pension. After taking a tax-free lump sum, you use the whole of the remaining fund to purchase an annuity. The annuity pays an income for the rest of your life. It is possible to convert only part of your pension to an annuity and delay converting the rest until a later date.

Annuities are normally sold by insurance companies. Although you can usually buy an annuity from the same company with whom you built up your pension fund, do not assume it will automatically offer you the best rate. You can usually do better by doing an Annuity Comparison with another company that could give you a better deal or one more suited to your requirements.

In most cases, you can use your pension fund to buy an annuity from a different company. This is referred to as using your open market option. It is unlikely that your insurance company will tell you about this automatically so remember to make sure that you ask for all the information you require.

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.