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Lifetime Annuities

A lifetime annuity converts your pension into an income for the rest of your life, however long you live.

As you may expect with any long-term investment, there are a number of factors to consider at the outset, and the amount of income an annuity will pay depends on, among other things:

• The amount in your pension fund after taking any tax-free cash. (You must take any tax-free lump sum before your 75th birthday.)
• Your health or lifestyle – some annuities pay you a higher-than-normal income if your health or lifestyle threatens to reduce your life span.
• Your age - the older you are the higher the income you may get.
• Your sex – usually the starting income from the same size of pension fund is higher for a man, than it is for a woman of the same age.
• The type of other benefits and options you choose.

Choosing a Lifetime Annuity takes careful consideration and specialist help. There are advantages, such as; the guaranteed lifetime income, 0, 5 or 10 year payment guarantees and for the life thereafter of the annuitant, minimal paperwork and tax-free options for a lump sum. However, these must be measured against other potential disadvantages, such as; no option to vary your income and complete loss of control of your fund, and it may exclude you from taking part in other investment return schemes.

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. Furthermore, anyone who may rely heavily on their pension income is also suited to lifetime annuities. (See our free Useful PDF Downloads area).

Get the full story

Robert Bruce Associates can offer you specialist, helpful and clear advice on these Annuities, to help you make an informed choice. Our qualified advisors will ensure any decision is made only once you have all the facts in hand, and only as a result of establishing your personal wishes and criteria.

Why not call us today?

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Call us today on 0845 838 7377

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