Quick Enquiry
A personal pension plan is no more than a compulsory purchase annuity. Having explored all of your retirement options to include for example Income Drawdown (USP) one has to consider the purchase of an annuity.
An annuity is an income for life that is purchased from an annuity provider, generally an insurance company, with a capital sum i.e. a pension fund. It can be purchased with the entire pension fund that is available or it can be from funds after the tax-free cash that you are entitled to has been taken.
One can have the income on a level or escalating basis, to include a dependants pension payable after your death and to build in a guaranteed period typically 5 or 10 years when the full amount would be paid. Any additional benefits that are required to the annuity will lower the amount of the initial payments.
Just because you are saving with a particular insurance company doesn’t necessarily mean that they are going to be the best provider of your annuity.
