What is an annuity?

When you reach retirement you'll need to ensure you have an income to help provide the lifestyle you've been working towards. By using the money built up in your pension plan or with another lump sum investment, you can purchase an annuity to provide you with a regular income for the rest of your life.

Annuities can usually be drawn from age 55 and as with most financial products there is a range of different types of annuity each with different options.

Find out more about the different types of annuities.

Remember:

• You don't have to take the annuity offered by your existing pension provider.
• It's beneficial to investigate all the options, as you may be able to receive a higher income.
• You can guarantee your annuity income to provide for your dependents after you die.
• Purchasing an annuity is one of the most important financial decisions you will ever make. Once made you are locked into the decision for life.
• The Annuity Market has changed, offering more choice. Speak to us to find out more.

At Bank of Scotland Annuity Service we can provide guidance on all types of annuities and will search the market to find the best annuity for your personal circumstances.

Why not call to speak to one of our experts, or alternatively email us.