Glasgow’s experts in pension annuity advice

You are not obliged to buy your annuity directly from your current pension provider. An “open market option” allows you to take your retirement fund to a different provider, where you could get a better annuity rate or more attractive guarantees. At Maxim Wealth Management Ltd we can compare the entire market to help you select the annuity that is best for you. We base our pension annuity advice on the following criteria:

• Do you want a single life or joint life annuity?
  If you have a single life annuity, the income you receive will stop if you die before your partner. Joint life annuities will help provide for your partner, but the income will be lower.
• Would you like to protect your annuity income against inflation?
  Protecting your annuity against the rates of inflation will cost you more in the short-term, but can give more peace of mind in the long run.
• Would you like a guarantee period?
  A guarantee period ensures that the income will be paid for a set period, even if you die earlier – meaning that your heirs will get some benefit.
• Could you accept some investment risk?
  Investment linked annuities invest your money into stocks and shares, on the basis that investment growth could offer the potential for higher income payments in the future without the need for you to buy inflation protection.
• Do you want to buy from more than one annuity provider?
  Diversification is always key, and spreading your annuity over a number of providers could mitigate risk and make other choices easier.  For example, you could inflation-proof just part of your income or put just a small amount into a joint life annuity if you need to provide for a dependent.
• Do you qualify for an enhanced annuity?
  If you are suffering from a life-shortening condition, such as heart disease or cancer, you can get an enhanced or impaired life annuity. Generally this means a higher income, based in line with reduced life expectancy.