Having spent your working life investing in your pension, on reaching retirement you have many options to generate income from your pension. One option being an annuity, which you can purchase with the funds in your Pension Fund when you retire, to guarantee you a regular income for life.
At Birkett Long IFA, our independent financial planning managers will want you to make the most of your pension. We will look at the most appropriate annuity or alternative for you and your family. In addition, enhanced/ impaired Annuities are available to smokers and those suffering with ill heath, which can potentially provide a higher level guaranteed income compared to the standard rate.
Birkett Long IFA’s financial planning managers know that pension benefits are normally taken after the age of 55. When you begin thinking about taking your pension income you may have a number of questions to consider, like:
- Will an annuity be a secure income for life?
- Can I have a lump sum in addition to an income?
- Can I tailor my annuity to meet specific needs and circumstances?
- Are there any disadvantages to an annuity?
- What health issues are taken into account on a enhanced/impaired annuity?
If you need answers to any of these questions or need any further advice on pensions and annuities, please call the team on 01206 217309 to arrange a free initial meeting.
- Nicola Ward
- Associate and Head of Birkett Long IFA LLP
- Paul Chilver
- Associate, Financial Planning Manager
- Colin Hyoms
- Financial Planning Manager
Our team of financial planning managers can help advice you of the best type of annuity rate available to you, including, considering the open market option and ascertaining whether your existing Pension Plans contain a guaranteed Annuity Rate or guaranteed minimum pensions.
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