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Annuities Advice

If you have a personal pension, you could use this money to purchase an annuity that gives you a guaranteed income for the rest of your life, providing you with unrivalled peace of mind. It may not be the best option for you, but a Moneysprite annuity adviser will support you to make the right decision.

What are annuities?

Annuities are a financial product that give the annuity holder an annual income for a fixed amount of time or even for the rest of their life. Each year, the individual will receive a fixed income to help with funding their retirement for the duration of the annuity. This money will be subject to income tax, if applicable.

What are the different types of annuities?

Annuities can be split into two main types:

  • Lifetime annuities
  • Fixed-term annuities

Lifetime annuities

A lifetime annuity pays out for the remainder of your life. This means you will receive a guaranteed fixed income for the whole of your retirement, easing any existing money worries.

Fixed-term annuities

A fixed-term annuity provides an annual payment for a specified term of so many years. Once the fixed-term annuity ends, no more payments will be received, and the individual will need to live off their pension(s) alone.

How do I get an annuity?

Annuities are sold by insurance providers. To get an annuity you will need to be at least 55 years old with access to your pension pot. You use your pension money to buy an annuity. The good news is that you can take 25% of your pension pot without having to pay any tax on this amount.

Why use an adviser to help find an annuity?

Deciding whether to trade your pension balance for an annuity can be difficult. An adviser could help you weigh up the pros and risks of doing so, drawing your attention to factors you may not have considered. If an annuity is deemed the right choice for you, the adviser will search the market on your behalf to find suitable options. Their diligence and hard work can make the process effortless while generating optimum results for your retirement blueprint.

Ask your annuity questions to a trained professional now. Reach out to one of our Moneysprite annuity advisers to discuss your annuity options. We have advisers from Eastbourne over to Cornwall, and back across to Bournemouth, Cambridge and the South East, and help clients throughout the UK. Our friendly and patient team are here to assist you.

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