Normally a Pension Annuity is guaranteed to be paid for the annuitant's life. Some annuity providers offer investment-linked annuities, which invest in either with-profits or unit-linked funds. These offer the possibility of an increasing income but also carry the risk that your income may fall.

Guaranteed annuities are the most popular choice as most people require certainty at retirement.

Some older pension contracts, typically those issued before 1988, include guaranteed annuity rates at retirement, although these usually have conditions attached. Thes rates are frequently better than those currently available on the open market, and it is important to seek independant advice regarding your Annuity Options.

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