An Annuity is a financial product you can buy when you retire and it is a way of converting your pension savings into an income for life.
The main points of an Annuity are:
The amount of income you are entitled to will depend on the Pension Annuity rate at the time of purchase. The Pension Annuity and its terms are fixed at the outset, whereas a Drawdown plan gives you greater flexibility and allows you to vary the income payments as your circumstances change.
The Open Market Option means that when you reach retirement, you do not have to go ahead with the quote you are given by your pension provider. Instead you can shop around and compare different annuity rates to get the best deal to suit your circumstances.
There are many different types of Annuities, including:
So if you would like to find out more or review your own position
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