Annuity Pension

In most instances when a client reaches retirement age , various Insurance Companies will write to him or her quoting the guaranteed income which will be paid, the pension annuity. The schemes will also offer an open market option which allows the investor to move the fund to an alterntive Provider if he will offer improved rates.

Many clients come to Nicholls Stevens for this advice, deciding which type of annuity to take is a big decision, once made this cannot be altered.

The decisions you need to make are:

How do you want the annuity to be paid, monthly, quarterly, annually

Do you want a guaranteed period, 5 or 10 years? This means that the annuity is paid for your life but if you die early there are a minimum number of payments paid this can be five or ten depending on the scheme selected.

Do you want the annuity to continue to your spouse, partner if you die first and if so, will this be at the same level, or with a reduction of 1/3rd or 1/2?

Do you want the annuity to increase in payment?

Do you want to benefit from the potential but not guarantee of  some increased investment return from the annuity?

Once we have helped clients to make these decisions, we can  find competitive rates from our online search software and then arrange all the paperwork nd help you to complete this. The process can be complex, particularly if you have more than one pension plan