Annuities expressLet’s start at the beginning
Did you know?
You could get an even higher income if you have a medical or lifestyle condition. Read about enhanced annuities to find out more.
Put simply, a pension annuity converts your pension pot into a regular income which will be paid for the rest of your life. Conventional annuities, by far the most popular annuity choice, set out how much you will receive each year. † This stability means you can plan your retirement years. Getting the highest income from your hard-earned pension is so important, especially as annuity rates have fallen to record lows.
As you approach retirement, your current provider(s) will contact you to tell you the value of your pension fund and how much income they will give you. You do NOT have to accept this proposed income. In fact the annuity they offer may not be competitive so shopping around and comparing annuity rates from other providers is wise, but unfortunately, can be time consuming.
Shopping around
Our annuity service will do all the hard work for you, telling you within minutes if we can secure you a higher income. In fact, you could boost your annual income by over 100%.* Our specialists will provide you with all the information and guidance you need to select the right annuity for you. And the great news is purchasing your annuity through Express Retirement Services is completely free of charge as our partner, Key, receive payment from your chosen provider.
It’s estimated that two thirds of people don’t shop around for their pension annuity. Don’t be one of them – speak to us or you could be missing out on thousands of pounds of extra income!
Making the right choice
When it comes to purchasing an annuity, you’ll find there are many different options to choose from. These include ‘level annuities’ where your income remains the same each year, ‘escalating annuities’ which either match inflation or increase by a set percentage each year, and ‘joint-life annuities’ which give your spouse some or all of the income if they outlive you. Our experts will get to know you and your personal circumstances, before providing you with comprehensive information so you can choose the right options for you.
Choosing your annuity is a crucial decision. Once you have purchased an annuity it cannot be changed, so it’s vital to use a service which will help you find the right one for you.
Why not see if we can boost your pension income? Call us today on 0800 915 4716.
Read more about the benefits of our annuity service by reading Why choose Key?
† Pension annuities are taxable and the rates of tax may change.