Retirement Annuities - Maximising the Benefit From Your Pension Plan

On reaching retirement it is important to make the right decision regarding the benefits available from your pension plan. People are now living longer than ever before and there is a worry that they will outlive their available money.

There are a number of options available on retirement, which include annuity purchase, income drawdown and alternatively secure pensions. For many people this will be the most important financial decision after buying their house.

Our experts can help with the following areas:

• Guaranteed Annuities
• Impaired Life Annuities
• With Profit Annuities
• Income Drawdown
• Alternatively Secured Pension
• Open Market Option

Guaranteed Annuities

The guaranteed annuity is the choice for the vast majority of people. It pays out a fixed income guaranteed for life, thus providing the security that most people need in retirement.

<Back to top>

Impaired Life Annuities

Available on a guaranteed or with profit (see below) basis. These may offer a higher income paid for those people with certain medical conditions.

<Back to top>

With Profit Annuities

With Profit Annuities are now becoming more popular as they offer the scope for a growing income in retirement.

<Back to top>

Income Drawdown

Income Drawdown can be used to take the maximum tax free lump sum on retirement whilst at the same time deferring the income to a later date, or alternatively taking a slightly higher income than would be available from a conventional guaranteed annuity. This is a very flexible arrangement but does need expert advice.

<Back to top>

Alternatively Secured Pension

Alternatively Secured Pensions introduced in April 2006 allow those who have reached the age of 75 but not yet purchased an annuity to defer the purchase of an annuity beyond the age of 75. Once again this is an area that does require expert advice and careful planning.

<Back to top>

Open Market Option

Most pension plans offer an open market option at retirement which allows you to shop around for the best annuity rates or consider the alternatives to immediate annuity purchase.

<Back to top>

Why not contact us to find out how we can help secure a better future for you and your family.

<Financial Advice Page>