Help With Deciding
Which Option Is Right For You
Annuity
If you’re 55 or older and you’re after a worry-free, steady income when you retire, an annuity might be for you. It’s like a financial safety net that you purchase with your pension savings, sort of like an insurance policy that guarantees you a reliable income flow. You could even take up to 25% of your funds as a tax-free lump sum.
Lifetime Annuity
A Lifetime Annuity is a guaranteed income for the rest of your life, no matter how long you live. Your pension will never ‘run out’ but once it’s set, you can’t make changes.
Fixed-Term Annuity
A Fixed-Term Annuity is similar to a Lifetime Annuity but it lasts for a pre-determined amount of time and at the end of your chosen time period, you can review your options.
Drawdown
A Drawdown offers complete flexibility to take as much, or as little money needed at any point. It is however crucial you consult with an Advisor to ensure that withdrawing funds is sustainable, tax efficient and the best thing to do in your circumstances.
Drawdown policies generally remain invested in the markets and can therefore carry investment risk, meaning your money go can down as well as up. They do not provide the same guarantees as Annuities.
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