If you are in poor health or have an unhealthy lifestyle, you might qualify for an "enhanced annuity".
A single life annuity pays the highest income but stops on your death. If you are married consider the joint life option because if you die first your pension will continue to your spouse at the percentage selected
Most annuities are guaranteed for 5 years, but 10 years is often used instead of a joint life annuity
It is natural to want the highest income initially, but it is important to consider a rising income to protect your income from the effects of inflation
Open Market Option
When you have chosen the appropriate annuity options you are ready to shop around for the best annuity on the market. This is called "Exercising the Open Market Option".
It is possible to increase your annuity by up to 25% by buying your annuity from the top company.
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Other Options
With Profit Annuities and Flexible Annuities
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Pension Drawdown and Phased Retirement
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Lifetime annuities with income flexibility, choice of death benefits and investment control. |
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Defer your annuity until age
75 but start drawing income. Flexibility and better death benefits. |