What is an Annuity?
An Annuity is an income payable for life taken from your accumulated pension plan(s). You are not forced to accept the annuity offered by your existing pension provider. You have the right to shop around for the most competitive rate. This is called the ‘Open Market Option’.
You may also qualify for an ‘Enhanced Annuity Rate’. This could considerably increase the annuity income. To qualify, you must meet certain criteria such as:
- You smoke
- You are currently taking medication
- In some cases your postcode could increase the annuity!
Once you choose your annuity, there are lots of option to consider. Speak to Morlaix, Chartered Financial Planners to explain and ensure you get the best income available from your pension(s).
The information above does not contain all of the details you need to know in order to choose a product or a solution.