If you have
health issues which may threaten your life expectancy,
you may qualify for higher annuity rates than a "traditional
annuity".
Relevant health problems might
include chronic asthma, diabetes, heart attack, high
blood pressure, kidney failure, multiple sclerosis cancer
or stroke. You might also be able to get a Special Situation
Annuity if you are overweight, or smoke.
Some companies also offer higher
rates to people who have worked in certain occupations
or who live in certain areas of the country.
Tax Free Cash
Most types of pension plan have the option
of taking a tax-free cash lump sum, before exchanging
the residual fund for a series of payments.
Income
Payments are taxed using the PAYE system. You
can opt to receive your payments on a monthly, quarterly,
half yearly or annually.
Death Benefits
The option of what type of death benefits to
include is made at outset. The options available are
to provide for a a Spouse or Civil Partner / dependent's
pension. (The spouse's pension can be for the full amount
of the original pension or for a specified percentage).
- You are able to fund a Spouse
or Civil Partner / dependent's pension for up to 100%
of what you received.
- The Spouse or Civil Partner
/ dependent's pension can be for the full amount of
the original pension or for a specified percentage.
- You can guarantee for a period of 5 or 10 years
after setting up the annuity, and your estate will
still receive your remaining payments.
Advantages
You will receive an income for life, and you
can elect for your spouse to receive an income for their
life upon your death. There's the option of Tax-Free
cash at the outset, and higher annuity rates than a
'Traditional Annuity' may be available.
The contract is simple to understand
and there is minimal paperwork needed to start the payment
of benefits.
Considerations
The selected income level is guaranteed and is not subject
to future investment returns.
Any options to provide benefits
on death must be selected at outset and cannot be altered
in the future.
Suitability
These annuities provide guaranteed pension payments
and higher annuity rates. They therefore suit individuals
with low attitudes to risk and security, or individuals
with both low and high attitudes to risk but are in
ill health.
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?
Get the most out of
your retirement.
Call us today
on: 0845 838 7377
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