Retirement Annuities

Turn your pension into a guaranteed income for life. We compare annuity rates from Ireland's leading providers to help you to secure theoption that's right for you.

Post Retirement

A retirement annuity provides a regular, guaranteed income for the rest of your life, giving you the reassurance of knowing exactly how much income you will receive throughout retirement. Depending on your circumstances, your annuity can also be structured to include valuable features such as a spouse's pension, a guaranteed payment period and, where appropriate, annual increases to help protect against inflation.

For many retirees, an annuity is the preferred way to convert their pension savings into retirement income. It offers certainty, removes investment risk and provides the confidence of knowing your income will continue for as long as you live. Annuities can be particularly attractive when annuity rates are favourable and for those who prefer not to manage investments during retirement.

However, if you have built up a Defined Contribution pension, purchasing an annuity is only one of the options available. Before making an irreversible decision, it is important to compare the guaranteed income provided by an annuity with the flexibility of an Approved Retirement Fund (ARF). While an ARF carries investment risk, a well-managed portfolio can help manage those risks while offering greater flexibility and potential succession planning advantages.

Choosing the right retirement income strategy requires careful consideration. Features such as a spouse's pension, a guaranteed payment period and inflation protection can provide valuable additional benefits but will generally reduce the level of income you receive. The most suitable solution will depend on your financial circumstances, income requirements, health, family situation and long-term retirement objectives.

At One Quote Financial Brokers, we compare retirement annuity rates from Ireland's leading providers and help you evaluate whether an annuity, an ARF, or a combination of both is the most suitable option for your retirement.

Post Retirement

The Annuity Option

When interest rates are higher, annuity rates generally improve, making a retirement annuity a more attractive option for those seeking a secure and guaranteed income for life. For many retirees, the certainty of knowing their income will never run out provides valuable peace of mind and removes the need to worry about investment markets or managing their pension fund throughout retirement.

Unlike an Approved Retirement Fund (ARF), a retirement annuity will normally cease on the death of the annuitant. However, valuable benefits can be built into the policy at outset, including a spouse's pension (typically up to two-thirds of your pension), a guaranteed payment period of up to 10 years, and inflation protection. While these options provide additional security, they will generally reduce the initial level of pension income.

As purchasing an annuity is generally an irreversible decision, it is essential to compare annuity rates across the open market before proceeding. Even relatively small differences in annuity rates can have a significant impact on the total income you receive over the course of your retirement.

Post Retirement

Single life annuities provides a pension income for your lifetime, but ends thereafter.
Joint life annuities allows you to buy an annuity for yourself, but where part or all your income continues to be paid to a nominated survivor, such as your spouse, civil partner or partner. You must decide how much pension income is to be payable (as a percentage of your own income). The percentage of the annuity transferring over to the second life, is usually either 50% or 66%. The higher this % is, the lower your own pension income will be.
Optional Guarantee Period, this is the minimum period of payment. So for example you choose 10 years, if you die in the forth year, your dependants will continue to receive the original level of pension income, for the next six years, or the insurance company may offer an immediate lump sum payment.
Optional Overlap applies to annuities that include a minimum payment period. Upon the death of the main annuitant, overlap if included, will mean that in addition to the joint life nominated survivor pension, the surviving life will also receive the original full annuity level until the guaranteed payment period has ended.
Optional Escalation serves to protect your pension payment from future inflation. These types of annuities are called "escalating annuities” and mean your pension income can rise each year. Typically, you will be offered a fixed rate of increase e.g., 3% per year. However, choosing this type of annuity means your initial pension income will be lower.
If you are in bad health, you may qualify for an increased pension income payment known as an "enhanced annuity". This is higher than would be paid to someone of similar age, in good health and a non-smoker.

Post Retirement

Weighing up the Annuity Option

Like any important financial decision, purchasing a retirement annuity has both advantages and disadvantages. The right choice will depend on your financial circumstances, retirement objectives, attitude to investment risk and whether leaving an inheritance is an important consideration.

Before requesting an annuity quote, we recommend carefully weighing the benefits of a guaranteed income for life against the flexibility offered by an Approved Retirement Fund (ARF). While an annuity provides certainty and peace of mind, it is generally an irreversible decision, making it essential to fully understand your options before proceeding.

The comparison below highlights the key advantages and disadvantages of retirement annuities, helping you decide whether an annuity, an ARF, or a combination of both may be the most suitable solution for your retirement.

At One Quote Financial Brokers, we compare retirement annuity rates from Ireland's leading providers and provide impartial advice to help you make an informed decision with confidence.

Lower risk than other retirement products, as your not investing but purchasing an annuity.
Will pay you an income, no matter how long you live.
If you are in bad health, or a heavy smoker, you may qualify for a higher level of pension income.
You can choose an option that will enable you to provide for your spouse, civil partner or partner when you die.
You can choose an option that protects your pension income from inflation, although adding this does your your initial pension income.

Once you’ve bought an annuity, you can’t cash it in, swap it for something else, or change your annuity options.
The level of your pension income is not flexible.
Depending on when you die, you may get back less than you paid in. Your fund can not be preserved as an inheritable asset.
Unless you choose otherwise, your spouse or partner will not be provided for and your payments will not be protected against inflation.
The options you choose, affect the level of pension income you receive, e.g., the more options you add, the more it will cost and the lower your pension income will be.

testimonials

One Quote took the time to clearly explain my options and were careful to point out both the pros and cons of choosing an annuity for my retirement. They where also able to secure a higher figure than I had quoted elsewhere. Very professional service.

I am very happy to recommend One Quote Financial Brokers to anyone, seeking the best annuity rate in retirement. They are expert, friendly and completely transparent and really take the time to examine your long-term needs and expectations in retirement.

I am delighted to recommend One Quote to anyone about to choose an advisor as they approach their retirement. They took the time to outline both ARF and Annuity options, and proved the most competitive and expert, when it came to best advice.

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Retirement Annuities

Turn your pension into a guaranteed income for life. We compare annuity rates from Ireland's leading providers to help you to secure theoption that's right for you.