Life Annuity

A life time annuity plan converts your pension fund into a retirement income that will be paid to you for the rest of your life when you are no longer working.

It is important to consider your own individual circumstances when choosing a life annuity as there are many options which are dependent on your individual circumstances.

The level of income you receive can differ depending on a variety of factors including age, sex, annuity rate, size of fund and the type of annuity you choose.

The advantages of a life annuity plan

• A guaranteed income for the rest of your life and a lump sum paid to your spouse/beneficiaries upon your death.
• An optional lump sum available at the beginning of the annuity.
• No hidden or extra charges throughout the plan, all charges are calculated and taken out at the outset.
• Minimal paperwork and easy to understand.

Disadvantages

• The income is fixed at the outset and cannot be changed regardless of any changing personal financial circumstances.
• No option of participating in future investment returns.
• All options of benefit on death must be selected at the outset of the policy and these cannot be altered in the future.

Contact us today to speak to one of our experienced annuities advisers to find the best annuity rates. Take advantage of our free online annuities calculator, complete an online enquiry form or call us on 0800 936 399.