What is a Lifetime Pension Annuity?
A lifetime annuity is designed to provide you with an income and is payable for the rest of your life as a minimum. The funds that you have saved into your pension pot are used to purchase an annuity either from your existing pension company or a new pension provider.
The amount you receive as an income is dependant on:
- The amount you have in your pension funds
- Your age
- The annuity rate at the time of purchase
There is a significant difference between the income you can receive from the various pension providers , which may not be made obvious to you. We have the knowledge and experience to shop the market for you to obtain the best rate. The rates offered by different companies can vary and using your open market option to let someone such as ourselves shop for the best rates makes sense. There are two basic Pension Annuity options a Standard Annuity or an Enhanced Annuity. An Enhanced annuity provides a greater level of income and might be available to you dependent on your lifestyle or health conditions, it is important that you establish if you are eligible for an enhanced annuity which can provide a greater income for the rest of your life.