Compare Annuities

Get Quote...

...it only takes a minute

Annuity

Pension Transfer (min. fund £30k)

Pension Drawdown (min. fund £30k)

JOINT LIFE ANNUITIES

If you are married are have a life partner you may wish to consider a joint life annuity. This would give your spouse/partner continued retirement income from the annuity should they survive you. Typically in this case 50% is the preferred option (although you can opt for a higher percentage) as there will only be one person to support. We can access every UK joint life annuity to find the best option to suit your circumstances.


USE YOUR OPEN MARKET OPTION FOR UP TO 40% HIGHER RETIREMENT INCOME:

It's estimated that over 40% of retirees are selling themselves short because they but their annuity from the same company they have their pension fund with. By exercising your Open Market Option you can buy your annuity from any annuity provider which could increase your retirement income by up to 40%. We can quickly compare every UK annuity provider to find the best option for your circumstances.

OUR TOP 10 PROVIDERS ARE:

1) MGM Advantage
2) Legal & General
3) LV=
4) Partnership
5) Canada Life
6) Just Retirement
7) Aviva
8) Hodge Lifetime
9) Scottish Widows
10) Standard Life

Every month, we quote 100's of people for their annuity. Because we deal with so many enquiries this gives us access to get a better rate for you than if you went to the provider direct, here's why & how:



CASE STUDY EXAMPLE

Mr Green had a pension fund of £150,000. He took the tax free lump sum of £37500 to pay off his mortgage. He was offered an annual income of £9505 per annum by his exisiting pension provider for his remaining £112,500. He contacted us to see if we could get a better rate using the Open Market Option. He is 55 years old and a smoker but is otherwise fit and well.

After going through our health and lifestyle questionnaire with Mr Green we got the following three quotes for him:

£13039.20 per annum from Just Retirement
£12646.00 per annum from LV
£11926.80 per annum from Partnership

This is where our relationship with the providers helped even more. We then went to LV & Partnership & asked them if they could compete with Just Retirement. LV offered £13659.20 so we managed to get Mr Green a further £620 on top of the £3534.20 extra he had already been offered thus increasing his annual income by over 40%! Mr Green was delighted.

The rate you get for any annuity type will very much depend on several factors, for example:

i) Whether you require a joint life or single life policy.
ii) Do you want the policy to be indexed linked so that it increases in line with inflation?
iii) Whether you have any health or lifestyle considerations.
iv) Do you wish to take the 25% Cash Tax Free Lump Sum from your pension fund?


Annuity, Pension Drawdown or Pension Transfer?

It is vitally important that you make the correct decision for you when considering your retirement options as this will affect your income for the rest of your life. There are several options open to you. If you are considering an Annuity you do not have to buy the Annuity from your current Pension Provider. This is called the Open Market Option and by shopping around you could increase your retirement income significantly.


Alternatively if you have a larger pension fund (perhaps £75k+) you may wish to consider Pension Drawdown. This offers more flexibilty and you can 'draw down' funds as & when you need them rather than the regular income you would receive from an Annuity.


Finally, Pension Transfer may be an option worth considering. You may not necessarily be of retirement age yet, but moving your Pension Fund to another provider that may offer you better benefits & ultimately increased retirement income.


Always seek independent advice when considering your retirement options. Complete our 1 minute form to speak to an FCA regulated advisor today. FREE no obligation advice & quotes.

 

Tailor made policies for you
we pride ourselves on our personalised customer service!

Enquire now

Submit an enquiry online using one of our forms. It's very simple, quick and easy! WE'LL CALL YOU BACK! So it won't even cost you the price of a 'phone call.

We'll search

We will compare the whole UK market and consider all the options open to you. You are under no obligation to take the advice we give.

You decide

The decision you make at this stage will affect your income for the rest of your life. We will answer any and all the questions you may have to help you decide which option is best for you!


    You Could Increase Your Retirement Income By Up To 40%!



graph

Annuity

An Annuity is like and insurance policy in reverse. You give a lump sum (your pension fund) to the provider in exchange for a regular income for the rest of your life. The income can be received monthly or annually. Furthermore, you can take a 25% tax free lump sum from your pension fund.


If you are on medication or have any health issues you will, in all likelihood, be offered a higher level of income by your annuity provider. So it is important you are open about any medical conditions or your lifestyle (do you smoke or take part in a dangerous sport for instance?).


If you are married or in a civil partnership you may wish to consider a spouse's (partner's) benefits in the event of your passing before they do. Do you want a level income for the rest of your life (which will decrease in real terms due to the effects of inflation) or an escalating income that keeps up with inflation?


There are many considerations for you so it is important you seek independent advice before making a decision that will affect your income for the rest of your life!


Pension Drawdown

If you decide on Pension Drawdown you’re in control of how much income you take and when. You might decide you don’t need an income straight away, or even at all. You might just want to take your tax-free cash. If you do want an income, you can choose to take regular withdrawals or just dip into the pot as and when you need to - it’s up to you. Like all other pension income, it will be taxable and added to any other income you receive that same tax year. Be particularly aware of this if you’re planning on large withdrawals – don’t become a higher-rate tax payer by mistake.


Pension Transfer

You may want to move some or all of your pension fund (sometimes called a ‘pension pot’) if:

  • you’re changing job
  • your pension scheme is being closed or wound up
  • you want to transfer to a better pension scheme
  • you have pensions from more than one employer and want to bring them together
  • you’re moving overseas and want to move your pension to a scheme in that country

You don't have to be of retirement age to transfer your pension.


Always seek independent advice when considering your retirement options. Complete our 1 minute form to speak to an FCA regulated advisor today. FREE no obligation advice & quotes.