Your annuity options
Brian is married to Susan and he wants to ensure she receives enough income to live on if he dies first. As his other pensions are linked to inflation he wants to consider an annuity that continues to support her.
John is single and he wants to make the most of his current employer's pension scheme now, as he has other index-linked pensions he can live on later in his retirement.
Mary is married to Peter. Peter has multiple pensions which will provide him with enough income to live on if Mary dies first, however Mary is worried her pension will not keep up with the cost of inflation.
Rob and Maria both have pensions, and they plan to use Rob's pension as their main income when they retire. However, Rob is anxious his pension fund might not be worth as much in the future.
When you set up your annuity it's fixed for life, so it's vital you choose your options carefully. You should consider both your immediate and long-term needs when making your decisions as well as those of any dependants.
Below we have listed the four main decisions you need to make when setting up your annuity. You can mix and match to suit your needs and requirements. If you can't find the option you're looking for please call our Helpdesk on 0117 980 9940.
Who do you want to receive your income?
Single Life: Just myself
Your annuity income will be paid only to you throughout your life and will cease when you die.
Joint Life: Myself and my spouse/partner
You can continue to support your spouse or partner with up to 100% of your annuity income after you die.
Do you want your income to remain level?
I would like a level income
Your income will remain level and won’t increase. Although the income may be higher initially, you should bear in mind the effects of inflation over time.
I would like my income to increase by a fixed percentage
Your income will rise by a fixed percentage each year (such as 3% or 5%). This means your income could counter the effects of inflation.
How do you want your income to be paid?
Annuity rates can change regularly and may go up or down in the future. Quotes are guaranteed for a limited time only. Once set up, an annuity cannot normally be changed or cancelled, so it is important to consider all your options carefully.
Client case study: £2,500 more income per annum
Client case study: Mr Coe, Stockton-on-Tees
I just wanted to say thank you for the enhanced RPI protected annuity quote received today. Thanks to you for making it so easy I am going to receive an annual sum £2,500 greater than the lowest standard quote, and this is entirely down to your team. I remain hugely impressed with the service you provide.