Annuity Comparison

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If you would like to obtain a quote from our approved Annuity Specialist, please complete our enquiry form and they will tell you the best rate available for FREE Without Obligation.

Our Approved Annuity Advisers are 100% Independent and compare the WHOLE market.
Why Compare an Annuity

Like most insurance products the rates that are offered will vary from one provider to the next. It is therefore important to compare the rates that are available depending upon your own personal circumstances.

If you were buying home insurance then you would shop around. Buying an Annuity should be no different!

Surveys have showed that over 60% of people buy their annuities (pension income) from the same provider with whom they built up their pension.

Many people are unaware that they have the right to give their pension fund to whichever annuity provider will pay them the highest income for life. This is known as an open market option. This can make a significant difference to the level of income you receive and therefore your lifestyle in retirement.

Buying an annuity is one of the most important financial decisions you will ever make as it determines the level of income you will receive from retirement for the rest of your life. It is therefore imperative that you obtain the best level of income from the pension fund you have accumulated.
Our approved Annuity specialist will help you find you the best annuities from the whole market .

Many people look for online annuity rates but we believe these tools can be inaccurate. Our approved Annuity Advisors will compare the whole market and discuss all annuity options available to you. Simply complete our Annuity Enquiry form and a Independent Financial Adviser will provide you with advice.

Don’t just accept the annuity offered by your current pension provider. By comparing the market you could obtain significantly more.
 

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Choosing the right annuity

There are different types of annuity to suit a range of circumstances. The main ones are:
  • Single Life: this covers just you because you don't have a spouse or partner, or because your partner has made their own arrangements
  • Joint Life: this will pay out to you and then to your spouse or partner after your death (normally at a reduced rate)
  • Level Income: this pays out the same amount of pension income throughout your life, but does not increase in line with inflation
  • Escalating Income: this pays out an increasing amount of pension income during you life, either at a fixed rate (for example 3%; or 5%) or a rate which is linked to inflation, known as RPI (Retail Prices Index). Although the escalating annuity pays out less than a level annuity initially, over time it will exceed the level annuity.
  • Guaranteed Period: You can guarantee your annuity for a specific number of years (usually 5 or 10) so it continues to pay the income for that time even if you die before then. The income is then usually paid to your spouse, partner or other dependent.
  • Annuity Protection Lump-sum Benefit: This ensures that if you die before the age of 75, your pension income does not stop. A lump sum equivalent to the pension fund you used to buy the annuity, minus the income you've already paid, will be paid to your estate or beneficiaries. There will be an income tax charge, and there may be an inheritance tax charge.
Impaired Life Annuities

Some companies specialise in offering annuities that pay a higher than normal income if you have health problems that threaten to reduce your lifespan. These are called Impaired Life Annuities, and the relevant health problems might include cancer, chronic asthma, diabetes, heart attack, high blood pressure, kidney failure, multiple sclerosis or stroke.

Enhanced Annuities

You may be able to get an Enhanced Annuity if you smoke regularly or are overweight. Some companies offer higher rates to people who have followed certain occupations or people who live in certain parts of the country. It is always worth checking if you may be eligible for either of these options.

Annuity Alternatives

Many people do not realise that they do not have to purchase an annuity with their pension fund. Although this is the traditional route there are alternatives worth considering depending upon peoples personal circumstances.

Our approved Pension and Annuity Advisors will be able to discuss these options with you and assess the suitability for your own personal circumstances:
Typical Alternatives are:
  • Income Drawdown
  • Phased Retirement
  • Third Way Products – Combining the benefits of both Annuity purchase and Income Drawdown with capital protection
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