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Related Topics
Home    Annuities
  • Executive Pension Plan
  • National Employment Savings Trust (NEST)
  • Occupational Pensions / Auto Enrolment
  • Personal Pensions
  • Retirement Planning
  • SIPP
  • SSAS
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Annuities

(From April 2015, the rules involving annuities and income drawdown changed. Rather than having to purchase an annuity, pension savers can, if they wish, withdraw as much as they wish from their pension pots. In total, 25% of the pension pot can be taken free of tax; the balance being subject to income tax. Although this change may make annuities less attractive for some, many still prefer the security of knowing they have a guaranteed and secure income for life.)

What is an annuity?

An annuity is a contract between an insurance company and a pension scheme member, where the member uses some or all of their pension savings to purchase a regular and guaranteed income for the rest of his or her life or for a predetermined number of years.

The factors that determine the amount of income you can expect to receive include (but are not limited to) your age, state of health, your postcode, prevailing annuity rates, the type of annuity you buy and the size of your pension fund.

What are the advantages of an annuity?

  • A regular and secure income for life (or a selected term)
  • Can be tailored to meet specific individual needs and circumstances

What are the disadvantages?

  • The income you can obtain will depend  on the annuity rates that are in force when you decide to take your pension benefits and it is not possible to predict what they will be or whether they are higher or lower than current rates.
  • Payments cease on death (unless you purchase an annuity which continues to pay income after you have passed away)

Depending on your circumstances and requirements, some annuities may be more suitable for you than others. We are here to assist and to ensure that you purchase the annuity that best suits your needs and circumstances.

Important note

If you do decide to buy an annuity upon retirement, you should ensure that you check policies, rates, restrictions, and benefits very carefully, and if necessary seek advice from a financial adviser. Investing in the wrong annuity scheme could cost you a great deal in annual income, so make sure that you look into this subject carefully before you make any commitment.

The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.

Tax treatment varies according to individual circumstances and is subject to change.

PENSION ENQUIRY FORM

Your Address

Planning and Retirement

Employment

Existing Pension

Yes
No
Yes
No

Marketing Information

Sensitive Personal Data

We may need to collect sensitive personal data including information about your health, ethnic origin, or criminal prosecutions from third parties such as employers and credit reference agencies, fraud prevention agencies and other similar organisations in order to provide you with the services, for example where you require advice on annuity or protection products.

If you consent to us obtaining your sensitive personal data from third parties referred to above for the purpose of providing you with the services, and sharing it with third party providers to obtain quotes on your behalf, for example where we are providing you with annuity or protection advice as part of our services, please tick this box.

Submit your Information

From time to time, we would like to contact you about our products and services which we think you might be interested in. If you consent to us contacting you for this purpose please tick to say how you would like us to contact you.

Email
Telephone
Post
Yes please, I'd like to hear about offers and services.
No thanks, I don't want to hear about offers and services.
Please tick this box to confirm you have read and understood our privacy policy.

(From April 2015, the rules involving annuities and income drawdown changed. Rather than having to purchase an annuity, pension savers can, if they wish, withdraw as much as they wish from their pension pots. In total, 25% of the pension pot can be taken free of tax; the balance being subject to income tax. Although this change may make annuities less attractive for some, many still prefer the security of knowing they have a guaranteed and secure income for life.)

What is an annuity?

An annuity is a contract between an insurance company and a pension scheme member, where the member uses some or all of their pension savings to purchase a regular and guaranteed income for the rest of his or her life or for a predetermined number of years.

The factors that determine the amount of income you can expect to receive include (but are not limited to) your age, state of health, your postcode, prevailing annuity rates, the type of annuity you buy and the size of your pension fund.

What are the advantages of an annuity?

  • A regular and secure income for life (or a selected term)
  • Can be tailored to meet specific individual needs and circumstances

What are the disadvantages?

  • The income you can obtain will depend  on the annuity rates that are in force when you decide to take your pension benefits and it is not possible to predict what they will be or whether they are higher or lower than current rates.
  • Payments cease on death (unless you purchase an annuity which continues to pay income after you have passed away)

Depending on your circumstances and requirements, some annuities may be more suitable for you than others. We are here to assist and to ensure that you purchase the annuity that best suits your needs and circumstances.

Important note

If you do decide to buy an annuity upon retirement, you should ensure that you check policies, rates, restrictions, and benefits very carefully, and if necessary seek advice from a financial adviser. Investing in the wrong annuity scheme could cost you a great deal in annual income, so make sure that you look into this subject carefully before you make any commitment.

The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.

Tax treatment varies according to individual circumstances and is subject to change.

PENSION ENQUIRY FORM

Your Address

Planning and Retirement

Employment

Existing Pension

Yes
No
Yes
No

Marketing Information

Sensitive Personal Data

We may need to collect sensitive personal data including information about your health, ethnic origin, or criminal prosecutions from third parties such as employers and credit reference agencies, fraud prevention agencies and other similar organisations in order to provide you with the services, for example where you require advice on annuity or protection products.

If you consent to us obtaining your sensitive personal data from third parties referred to above for the purpose of providing you with the services, and sharing it with third party providers to obtain quotes on your behalf, for example where we are providing you with annuity or protection advice as part of our services, please tick this box.

Submit your Information

From time to time, we would like to contact you about our products and services which we think you might be interested in. If you consent to us contacting you for this purpose please tick to say how you would like us to contact you.

Email
Telephone
Post
Yes please, I'd like to hear about offers and services.
No thanks, I don't want to hear about offers and services.
Please tick this box to confirm you have read and understood our privacy policy.

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Moneytree Financial Solutions Ltd
Suite 2 Sutton House
Ashville Point
Sutton Weaver
Cheshire
WA7 3FW
T: 01244 555077
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Moneytree Financial Solutions Ltd is registered in England and Wales, Company Number: 06749896. Registered Address:Suite 2a Sutton House, Ashville Point, Sutton Weaver, Cheshire, WA7 3FW.

Moneytree Financial Solutions Ltd is an appointed representative of Quilter Financial Limited which is authorised and regulated by the Financial Conduct Authority.

The guidance and/orinformation contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.

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