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Guarantee your income by buying an annuity

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You can buy a guaranteed income from the annuity provider of your choice with some or all of your Personal Account savings. An annuity is a product offered by insurance companies that pays you an income for life, or for a set period of time, that is taxable at your marginal rate

There are various options you can choose when you set up your annuity to give you greater flexibility over your future income that:

  • Benefits your spouse, civil partner or other dependants if you die before them

  • Guarantees to be paid for a minimum of five or ten years, even if you die before then

  • Pay you an income for a set period of time

  • Pay you an income for the remainder of your life

  • Investment linked annuities that pay an income based on the investment performance of the annuity

  • Pays out for you alone

  • Remains at a constant amount each year

  • Keeps track with inflation; or increases by a fixed amount each year

The difference between the best Annuity and the worst can be significant as illustrated in the table

*An impaired Annuity is for those whose life expectancy is shortened due to an illness

 

The Trust’s retirement service using Origen will review the annuity market to enable you to choose a suitable, competitive and secure income for life and will set up your annuity on your behalf. In addition, if you smoke, or suffer from one or more ailments, you could be entitled to extra income in retirement by purchasing an impaired annuity, which the retirement service can confidentially assist you with. Please contact our partners Origen for more information on annuities.