For people who are looking towards their retirement, it isn't the stigma of retirement itself, but the one looming question 'Will I have enough retirement income to live off?'
Since the Maxwell scandal of the 1980's doubt has been poured on the pensions industry as company pension funds were plundered. It has taken some time for consumer confidence to grow in light of the £440 million pound that was taken from the Mirror pension fund. Confidence has somewhat returned, however these people who had pensions at the time are now reaching the decision making period of how best to take their pension.
For people with pension funds that have successfully reached their golden age of 60 or 65, the ultimate decision then lies with how they then buy their retirement pension and which annuity is the best option from them to take?
The biggest message to these people is NOT necessarily to buy your annuity from your existing pension fund provider! However, annuitants are sometimes unaware they have the facility of using their 'open-market option' in order to be able to compare annuity deals with all annuity companies.
So which annuity is best?
Well, by shopping around, the difference between what your service provider would have paid & some annuity companies could be £1,000's over the longer term. So the decision of which annuity to choose would usually be determined who offers the best pension income in exchange for the pension lump sum proceeds. Therefore a guide to annuities can be useful understanding the annuity options available.
Choosing which annuity is best is a decision that affects the rest of your life, so why take it lightly? Once taken, there is no going back. Once an annuity has been arranged & in place the terms are sealed & cannot be undone. By spending a few extra hours of research & contacting an independent annuity desk could prove to be one of the best financial decisions you are ever likely to make. Contact us for your free guide to annuities today.
The Which Annuity website has been set up to provide you with the tools to understand the process involved in buying your annuity & how best to find it.