About Pension Annuities
A Pension Annuity is a financial product which enables you to arrange a regular guaranteed income for yourself in retirement. This provides the benefit of knowing how much your retirement income will be on an ongoing basis.
The option of purchasing a Pension Annuity can only be availed of when you reach a certain age, and your accumulated pension fund is used to purchase it. Having a Lifetime Financial Plan can help you to accumulate a considerable pension fund, ensuring that you will be comfortable in your retirement.
When it comes to this type of financial product there is also an “Open Market” option, which means you are not restricted to purchasing your Annuity from the company where you built up your pension fund. Annuity rates also differ from company to company, making it imperative to search around for the most generous deal.
We search the market for the most generous rates on your behalf, maximising your retirement income and ensuring that you get optimum value for your money.
There are a number of options available when purchasing an Annuity, including the ability to:
• buy a guaranteed income for the rest of your life
• negotiate indexation, ensuring your future income will not be eroded by inflation
• provide an income for your spouse in the event that they live longer than you
When purchasing a Pension Annuity there are many important factors to be considered which will affect your retirement income for years to come.
We can also advise you on how ARFs (Approved Retirement Funds) should be considered as an option in the planning phase.