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Annuity

annuities Annuity: Welcome to moneyandme.co.uk annuity information page. The aim of this page is to give you as much information as possible on annuities before you decide what is right for you circumstances. There is many factors that will affect what annuity is right for you and we will discuss each in more detail during the course of this page. One thing to bear in mind is once you invest in an annuity you can never access a lump sum of money from it once it has been set up. So please ensure that if you wish to take a tax free lump sum from your pension you do so before the annuity is set up.

 

Annuities

annuities Annuities: People can take out an annuity from the age of 55 since April 2010 and this age may change in the future depending on the government. The previous age for taking an annuity was 50 but the government decided this was to young for most people. Irrespective of the size of your payment from your annuity you are still entitled to claim your state pension at age 65 in most cases for both men and woman.

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annuities

Annuity Rates

annuities Annuity Rates: We will en devour to give you the information so you can purchase the best annuity for your needs and assist you in completing the paperwork but we will not give advice on which annuity to select. If you wish financial advise on which annuity is best for your circumstances we will refer you to one of our preferred suppliers to advise you on your choice if this is what you prefer. Our service will provide you with quotations on several options so you can make an informed choice on which is the best annuity rates for your circumstances. We will know discuss in more detail what will affect your annuity rates and give you some further information which may increase the amount your annuity will pay.

 

Enhanced Annuity Rates

annuities Enhanced Annuity Rates: You could enhance your annuity buy a considerable amount if you qualify for an Enhanced Annuity Rates. People can qualify for enhanced annuity rates if they suffer from ill health. So if you or your partner have any health issues we suggest you declare them and let the underwriters decide if you qualify or not, do not make this decision yourself let the underwriters make the decision as qualifying for an enhanced annuity could increase your annuity payment by as much as 30%. This is an example of some things that may help you qualify for an enhanced annuity rate but is not a comprehensive list so please list any ailments or illnesses you have had in the past. Heart Attack or heart disease, high blood pressure, cancer whether current or past, diabetes, smoking or non smoking and the list goes on and on so please include any illness you have or have had in the past when supplying the information for the underwriter to look at. Enhanced annuity rates are based on life expectancy so even your partners health details is important to include in the application.

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Pension Annuity Rates

annuities Pension Annuity Rates: Many things including your health will affect your pension annuity rates and we will discuss more in this paragraph. The first thing that will affect your annuity is whether you are single or married , the next thing that affects your pension is if you require a guaranteed period attached to your annuity. The guaranteed period is generally between 5 and 10 years, the longer the guaranteed period the less you will receive in a monthly pension. The next thing that will affect your annuity is the age at which you and your partner are when you decide to take your annuity. The older you are the bigger your pension will be on a monthly or annual basis.

 

Best Annuity Rates

annuities Best Annuity Rates: Our annuity system will produce results from every provider in the UK who will quote for your annuity depending on your circumstances. You can be guaranteed that the quote our system will return for you will be the best annuity rates in the market for your needs. So whether you are looking for a single life annuity joint life annuity or think you may qualify for an enhanced annuity them we guarantee our system will return you the most competitive quotes in the UK and return you the best annuity rates for your needs. Getting the best annuity rates is very important as this will be part of your income for the remainder of your life.

 

Life Annuity

annuities Life Annuity: these are the same as any other annuity just called a different name. Life annuity is as it says it will pay out an annuity for the life of the life assured under the annuity and for the life of the partner under the annuity dependent on the options chosen at inception. We will give you further information on life annuity during the remainder of the course of this page to ensure you get the maximum benefit from your annuity.

 

With Profits Annuity

annuities With Profits Annuity: Their is still a few companies that will offer with profits annuities for enhanced rates and about the same amount of providers that will quote for people who only qualify for standard with profits annuity. With profits annuities can give you a greater return on a annual basis than that of a traditional annuity but you have to be aware that if the company does not return the bonus that your quote was based on then you could get less back than a traditional annuity. The best thing to do if you are considering a with profits annuity is to look at the quote then do some research on the companies prepared to quote for your annuity and check their bonus rates over the medium to long term as see if they are consistent with the bonus rate you have been given on your quote. Our panel of Independent Financial Advisors will carry this research out and supply their findings to you before you decide if this is the best annuity option for your needs. We will give you and example of a male aged 65 with a spouse aged the same and taking a half pension on the death of the spouse with a fund value of £100000 and a guaranteed period of 5 years so you can see the difference between traditional annuity rates and with profits annuityannuity rates.

The with profits annuity will produce an annual annuity of £6680 on standard terms and £7333 if you qualify for enhanced annuity this is using a bonus rate of 4% based on annuity rates when this comparison was carried out, but you must be aware that annuity rates change on a regular basis. Based on a traditional annuity the annual payment on standard terms would be £6227 for a standard annuity and £7647 if you qualify for the full enhanced annuity rate. As you can see a traditional standard annuity will pay £453 less than a with profits annuity that declares a bonus rate of at least 4% but the opposite happens if you qualify for full enhanced traditional annuity with a difference of £314 per annum in favour of the traditional annuity. This is an example to show you the differences that you can get using both methods and also shows you how important it is to discuss this with a financial advisor so you get the best annuity for your needs. We will be happy to supply or recommend a Financial Advisor to help you with your annuity needs.

 
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Annuities Lump Sum

annuities Annuities Lump Sum: You can see from the example above how important it is that you get the best annuity for your needs. What we would urge you to consider carefully is the tax free lump sum you can get from your pension before your annuity is set up. This will be the only part you can get tax free as the remainder of your annuity becomes a taxable income for the remainder of your life. Due to this we would urge people to take the tax free lump sum from your pension which can be as much as 25% of the pension fund. The only other way you can get a lump sum from your pension at retirement is if the fund is below the government guidelines which we will cover during the remainder of this page.

 

Annuity Options

annuities Annuity Options: if you have several pension plans with different providers which you have contributed to at some point in your life you do not need to take a annuity from each pension provider instead you can put all the pensions together and buy one annuity if this is best for your needs. Many people prefer this at retirement as it means they are only receiving one single payment per month instead of several small amounts from various providers making it easier to manage as you get older. Combining all your pensions into one annuity could possibly increase the amount you would receive from the annuity company as they have a bigger pot of money to offer you a better annuity rate. If this is something you would consider just ensure that none of the current pension plans you have will apply penalties if you do this. This would generally only be if they have different retirement dates attached to them which is not uncommon. You should request a quote from your current providers to make sure this will not be the case or get one of our panel of Financial Advisors to do this on your behalf.

 

Annuity

annuities Annuity: As of the tax year 2010/11 people with a pension fund of less than £18000 can get it all as one lump sum if they meet certain conditions. This is not set to be reviewed until the 20/15/16 but this could change if the government decide to review pensions further. If this option is available to you then we suggest you give it serious consideration as this will be the only opportunity you have to take the lump sum. Some of the conditions that need to be met are you must be between 60-75 the fund must not exceed £18000 and if you have more than one fund you must carry out the encashment of them all within 12 months or you will loose your right to en cash them. The payment is made by way of 25% tax free and the remainder being taxable which is similar if you were to purchase an annuity.

 

Annuities Summary

annuities Annuities Summary: We have tried to cover the most important points of buying a lifetime annuity but their is still other details we have not covered. We hope we have given you an insight into the annuity market and what you can expect. Other things that will affect your annuities is whether or not you wish it protected against inflation or the retail price index but one of our panel of advisors will be happy to discuss this in more detail with you. One thing we are sure about is we will find you the best annuity rates in the market so we can maximize your income in retirement. Moneyandme would like to thank you for taking the time to read this page and hope you have found it of benefit to you. If you would like to discuss annuities in more detail or get a quote then please use the contact button at the top of the page and one of our staff will call you back to discuss further. At this point you are not getting financial advice but we are merely collecting data to use in finding you the best annuity rates available in the market based on the information you supply. We aim to give people as much information as possible and would appreciate your feedback on this or any other page you have visited so we can enhance our service for future customers. Please use the feedback button at the top of the page and our IT department will take this into consideration for the future development of the site. We hope the information we have given has helped you in you decision to purchase an annuity and look forward to assisting you further.

 
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