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What is an Annuity?

An Annuity is income in your retirement. An annuity offers you important protection as some guarantee you an income for as long as you live.

Over the years you have saved for your retirement. To encourage you and to help your pension grow, the government allowed you tax concessions on your contributions. You now have a pension fund that has built up from the money you invested. When you retire you have to decide if you want to take some of your pension fund as a tax-free lump sum and how much, if any, you want to convert to an annuity, to pay you a regular income, straight away.

You may want to set up an annuity to cover rises in inflation or protect your dependants after you die. Your decisions today could affect how comfortable you are when you retire. You may even decide to defer drawing a pension for a few years and taking your tax free cash now. Your decisions today could affect how comfortable you are now and at your retirement.

Everyone’s financial needs when they retire are different. We can help you decide how to organise your pension plan to suit your needs. We’ll look at your age, financial position, tax position, attitude to risk, other investments or income, dependants and your health.

Specialist pension advice is very important, if you would like to know about buying an annuity, phased annuities and income withdrawals then contact us and we’ll be in touch.