A pension annuity is an income provided in return for your pension fund. It is usually the remaining fund after the tax-free cash has been withdrawn, and is taxed in full as earned income. Pension annuities provide a guaranteed income for life, which is an attractive option for many; however, it does mean that there is no possibility of benefitting from future growth. In addition, unless you write in certain guarantees, you will not be able to pass any of the value down to your heirs. This means that if you die earlier than expected, the vast majority of the fund will be lost. Purchasing a pension annuity is certainly not the right option for everyone, and it is something that should be given careful consideration. At Maxim Wealth Management Ltd, our advisers will help you weigh up your options to see if a pension annuity is the right choice for you. Contact our team for your consultation.
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:
Before making any decisions regarding your pension income, you should always seek professional financial advice. Maxim Wealth Management Ltd offer comprehensive pension annuity advice to help you select the right option for your future.
Over 17 years of experience
Friendly, personal service
Transparent, straight-talking advice