There are many different annuity options such as:
- Single V Joint
- Level or escalation
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An annuity is a policy that converts your pension pot into a series of regular income payments for the rest of your life no matter how long you live.
When you purchase an annuity the insurance company invests your money in very safe assets and pays you a regular income every month (other frequencies are available) for the rest of your life. If you select a joint annuity, and you die before your spouse or partner, the income will continue to them for rest of their life.
The amount of income payable from an annuity depends on a number of factors including:
Enhanced Annuity - You might be able to get a higher annuity income if you smoke, are taking prescription medication or have recently had medical treatment for a condition. You may qualify for an enhanced annuity which may result in a higher income.
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If you want to make the most of pension freedoms you should start planning ahead and make sure your financial affairs are in good shape in the years running up to retirement.William Burrows
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