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Pension annuities
There is a range of different types of pension annuities, also referred to as compulsory purchase annuities; this is where your personal pension fund or employer's pension scheme must be used to purchase an annuity to provide an income in your retirement.
The income received is seen by the government as earned income and taxable under the PAYE system.
The rate of return you could receive for your personal pension fund varies across providers and is based on average life expectancy and your personal circumstances. Therefore it is crucial to speak to an adviser to achieve the highest rate for your circumstances.
For full advice on all types of pension annuities why not speak to one of our experts, or alternatively e-mail us and we'll call you back.
Summary of some of the different pension annuities available:
- A 'conventional annuity' is invested in gilts and corporate bonds, which pay a fixed and guaranteed return;
- An 'enhanced or impaired annuity' could allow customers who have a qualifying illness or smoke, to increase their income;
- A 'with profits annuity' provides the opportunity for smooth growth in income over the long-term with a minimum income guarantee. The income can go down as well as up from year to year;
- A 'unit-linked annuity' provides the opportunity for growth in the long-term by linking the income to the performance of real assets. The income can go down as well as up from year to year;
- A 'flexible annuity' gives the potential for growth without locking into a secure income for life.
Contact us
Take advantage of the benefits of our Annuity Service, simply call us, or e-mail us today.
0845 609 0981
