Lifetime Annuities

Lifetime Annuities converts your pension into an income for the rest of your life. You can get different options and types to suit your individual needs and circumstances.

How a lifetime annuity pays out depends on numerous factors:

• The amount left in the pension fund following any tax free cash release is the amount used to buy the annuity.
• Whether your fund includes NI rebates because you contracted out of the additional state pension.
• The older you are the higher you annuity income.
• Your health and lifestyle choices can result in getting paid a higher than normal income.
• Your gender will affect the starting income. A man will be paid a little more than a women of the same age, this is because the average life expectancy of a male is slightly shorter then a women.

However you should bear in mind that due to people living longer and longer, annuity rates are adjusted from time to time to reflect this. So if you delay purchasing your annuity you could be taking a risk.

Annuities of this type are often best-suited to people who like minimal risks, and require security in the knowledge that their decisions have a guarantee.

Always speak to an experienced adviser to discuss the best options.

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