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    Your Annuity

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    Level Income Annuity

    Level Income Annuity“>

    This effectively means your income will never change for as long as the annuity is valid. It is up to you whether you want a lifelong policy or a fixed term between 2 and 20 years. This is seen as a safe option because although it does not rise, the rate of income can also

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    Fixed Annual Increase Annuity

    Fixed Annual Increase Annuity“>

    This will cause your income to increase at a rate of your choosing year after year. It is possible to increase the rate by up to 8.5% per annum. A benefit of this option is the fact that your income before tax is guaranteed never to drop. The downside to this option is that you

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    Inflation Linked Annuity

    Inflation Linked Annuity“>

    The rate of inflation is linked to the Consumers Price Index (CPI) which means your annuity rate will also be linked to the CPI. The fact that the value of your money in real terms (how much you can buy) remains the same is a major advantage. Inflation is the scourge of many pension plans

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    Single Life and Dependent Annuity

    Single Life and Dependent Annuity“>

    The common single life annuity plan will run out the day you die meaning no dependents can withdraw on your behalf. However, there are certain annuity options which do provide for your loved ones if you so choose. Dependents If you were to die unexpectedly it may put an unfortunate financial burden on your family

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    Annuity Guaranteed Periods and Capital Protection

    Another useful option to have is guaranteeing your income from the beginning of a lifetime annuity. This means that you can guarantee your income for 12 years from the beginning of your annuity and if you were to die after 7 years, the rest of your money will go to a dependent for the remaining

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    Is Your Annuity Payment In Proportion?

    Is Your Annuity Payment In Proportion?“>

    Having your income paid with or without proportion is an option available to those who elect to receive payments in arrears. If you choose the ‘with proportion’ option and die between payments, your provider will make a partial payment based on the time between the final payment and your death. For instance, someone who is

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    Receiving Annuity Payments

    Receiving Annuity Payments“>

    When Does Payment Commence? The official starting date of an annuity depends on you but cannot happen until:  Your provider receives your filled in application form  They also receive a quotation signed by you which clearly outlines the way you wish to receive your annuity payments  A cheque you have sent to

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    Lifetime Allowance and Enhancement Certificate

    Lifetime Allowance and Enhancement Certificate“>

    Lifetime Allowance Continue reading if you have purchased any other policy barring a Purchased Life Annuity. Unfortunately, there is a limit on how much you can save in a pension over the course of your life known as a Lifetime Allowance. This limit seems to change every year and increased to £1.8 million in 2010.

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    Annuity income- Taxation on annuities

    Annuity income- Taxation on annuities“>

    The following information pertains to the Immediate Vesting Personal Pension Plans as well as a Compulsory Purchase Annuity. When you are withdrawing regular annuity income, this money will be taxed as Pay As You Earn (PAYE) income with a basic tax charge of 20% applying. Your provider gives you an income from one of the

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    Annuity rates and how they affect your retirement income

    If you are a member of a defined contribution company scheme or a personal pension, when you come to retire you will exchange the pension pot you’ve built up over the years for an annuity. The amount of regular pension you get in retirement will depend upon the size of your pension pot and the

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