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You can purchase an annuity and turn your pension pot into a guaranteed income for life. The annuity market has multiple products available for your financial goals & situation.
Depending on your medical history & lifestyle you may qualify for enhanced payments, which can increase your income payments.
Annuities provide more security than other pension options but there are ways of increasing your investments*
You could earn up to 70% more income with Hanson, we ensure you get the most out of your annuity.
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The short answer is yes.
Understanding your options will provide clarity.
Don’t assume your pension provider offer will be the best or most competitive rate/
You might be confused about where to start and what benefits you will get from shopping around.
Comparing annuity quotes from different providers will give you an idea of the rates you can expect for your situation. Several factors affect what you could get from an annuity:
- Life Expectancy
- Your Health
- Interest Rates
- Gilt Rates
On top of these main factors, there are features to bring down your annuity rates.
For example, securing an income for a partner or ensuring your payments reflect the rise in inflation.
We secured a client an extra £8k once they moved to us. Just accepting an annuity provider’s upfront offer can impact your payment s.
Advantages
A regular, guaranteed income
A steady income for the rest of your life (or a selected period).
Protected from stock market movement (unless you purchase an investment-linked annuity)
Disadvantages
Income/rates can’t be altered once set (even if your situation changes)
You cannot take advantage of stock market gains (unless you purchase an investment-linked annuity).
The real value of your income may depreciate over time due to inflation (unless you choose the inflation-related add-on).
Here to talk you through your annuity options and ensure you understand the advantages and disadvantages of every opportunity we recommend.
Your questions get answered by our qualified advisors. Ultimately we want to help you make the best decision for you and your family.
We look after your finances so you can focus on enjoying retirement no matter what your goals are.
We choose to have our fees upfront, many brokers will offer a free service, but this commission could end up costing you more. Our fixed fee of £2500 is a competitive rate based on the current market.
This is the standard type of annuity.
It will pay you a guaranteed income for life. No matter what happens with investment markets or interest rates.
Market conditions will reflect the current market conditions when you take out an annuity, timing can be important in securing your future income.
Conventional annuities assume you have no health or lifestyle conditions.
Depending on your lifestyle or health conditions you could be entitled to an enhanced annuity. You will still get a guaranteed income but can access up to 75% higher than a conventional annuity.
Pension providers take into consideration how your lifestyle or health conditions impact your longevity, compared to that of someone with lesser impact. Annuity providers will pay you a higher income for this reason. Numerous conditions would qualify you for an enhanced annuity – including certain occupations.
Keep your options open with a fixed-term annuity. Rather than receiving a guaranteed income for the rest of your life, you specify a fixed period to receive it.
Typically fixed-term annuities are over five or ten-year periods. When the annuity term is up you will be paid a reduced lump sum. This is yours to use freely, invest in other retirement products or take it as a cash lump sum (subject to tax).