Retirement Pension Annuity
Annuities. If you and your partner are in good health, an retirement pension annuity can be a useful way of obtaining extra regular income for a set number of years (a 'temporary annuity') or for the rest of your lives (a 'lifetime annuity'). When you buy a lifetime annuity you hand over a lump sum to a life assurance company, which then pays you a regular income, based on how much you invested, your age, current interest rates and the frequency of income payments. These payments include interest from the lump sum and a portion of the capital from the annuity fund managed by the life assurance company. If you are coming up to retirement with a money purchase pension, or a personal pension, you have to buy an annuity at some point, although you can usually put off doing this until age 75. Shopping around to choose the best possible provider, and taking independent financial advice for expert guidance, is essential| Pensions |
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