Buying a pension annuity converts the cash you’ve saved in your pension into an ordinary income which will likely be your income for the rest of your life – or sometimes after you’ve passed on based upon in your annuity options.
Be careful not to make a pricey mistake –
It is incredibly easy to simply sign your files and take the annuity given by your current pension plan provider but its not uncommon for this to end up being an expensive mistake which can cost you hundreds of pounds.
Do not miss out on your choice to investigate the open market. This allows you to search the marketplace and compare rates from alternate annuity providers. If you are worried that this is confusing and time consuming, we can do the research for you if you so wish and report back to you with our findings.
- You’re able to purchase a pension annuity when you reach the age of 55.
- Costs vary depending on the annuity provider and on additional factors such as the value of your pension fund, age group, health, lifestyle choices as well as the area which you live in.
- By answering some questions regarding yourself its quite possible that you meet the requirements to get a better annuity that will allow you a larger income.
- You can enhance your income by looking around and comparing what rates are being offered.
- It’s vital to think about all retirement options, its not as simple as choosing the annuities with the best rates, as you must make sure your annuity is the right fit for your situation.