Retirement Annuities

Retirement annuities provide a guaranteed regular income for the rest of your life and can include a spouses pension.

Post Retirement

Retirement Annuities

Retirement Annuities are designed to provide you with a regular and guaranteed income for the rest of your life, and if considering this option, it is important to choose an annuity that reflects your needs and those of your spouse in retirement.

For some people an annuity is the most suitable way to get a pension income during their retirement, especially if they wish to avoid any potential risks in reinvesting their residual retirement fund and the prevailing annuity rates are strong. However, for Defined Contribution type pension funds, annuities should always be compared against an ARF alternative.

Adding a spouse’s pension, guaranteed period, and or inflation protection lowers the original pension payment (annuity). So, again, careful individual assessment and expert financial guidance is needed when deciding how best to use your residual retirement fund, after receiving your tax-free lump sum.

Retirement Annuity

Post Retirement

The Annuity Option

If you have a Defined Contribution Pension, (Employer Scheme or Private) then rising interest could certainly make an annuity more attractive, but it should be remembered that annuities end on the death of the annuitant, unless a spouse’s pension (up to 2/3rds) or a guaranteed period (up to 10 years) is built in at set up.

Post Retirement

Types of Annuity

There are different annuity types available on the market, with a range of optional add-ons.

Some of the optional extras will affect the level of pension income you receive: the more add-ons you choose, the more it will cost you and the lower your pension income will be. Make sure to carefully consider what you want to achieve with your annuity.

Retirement Annuities

Post Retirement

Weighing up the Annuity Option

Like all choices in life, Annuities offer both advantages and disadvantages, so we have set out your considerations below:




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