You should start thinking about your annuity options about four months before your retirement, and at Bank of Scotland Annuity Service we can guide you through the whole annuity process and provide full advice including a personalised illustration.
Speak to one of our experts, or alternatively e-mail us and we'll call you back
Factors that are considered by annuity providers which determine how much income you could get:
A 5 year guarantee is available at a relatively low cost due to increased longevity and is therefore used in these examples to protect your income against your premature death.
Single life annuity
Provides income during your retirement for the length of your lifetime, upon death the annuity ceases and is not passed to any dependants.
The examples provided below are based on £100,000 lump sum with a 5-year guarantee:
| Person details | Monthly income before tax | |
|---|---|---|
| Smoker | Non smoker | |
| Male, age 65 | £651 | £537 |
| Female, age 65 | £627 | £513 |
Source - The Exchange 01 Feb 2011. Figures quoted as gross.
Joint life annuity
Provides income during your retirement for the length of your lifetime, upon death the annuity is passed to a spouse or partner at the percentage opted for. In the example below this is 50% of the annuity.
The examples provided below are based on £100,000 lump sum with a 5-year guarantee. These examples assume that the spouse is the same age as the client.
| Person details | Monthly income before tax during lifetime of annuitant | Monthly income before tax (50% annuity value) for spouse or partner after death of annuitant | ||
|---|---|---|---|---|
| Smoker | Non smoker | Smoker | Non smoker | |
| Male, age 65 | £577 | £500 | £288 | £250 |
| Female, age 65 | £564 | £481 | £282 | £240 |
Source - The Exchange, 01 February 2011. Figures quoted as gross.
These figures give an indication only. Rates frequently change and assumptions have been used to generate the smokers rates. The actual income available could be higher or lower.
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