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5 Things to Consider When Buying a Pension Annuity in the UK

April 17, 2012 | Comments: 0 | Views: 80

For most people in the UK, buying an annuity is the second biggest purchase they will ever make. Hopefully the following five point plan will help you to find an annuity that fully meets your needs and which offers the very highest retirement income possible.

1. Make sure you get help from an "annuity specialist" or Independent Financial Adviser. They are well placed to access all the UK annuity companies & as a result, they can often get you the right deal to suit your circumstances at the best possible rate.

2. A specialist will also fully understand what "enhanced annuities" are. According to the annuity company Just Retirement up to 60% of retirees could qualify for some form of enhancement, boosting their retirement income. Enhanced annuities take anything up to 1,500 medical and lifestyle conditions into account. However, not every company that offers annuities will have an enhanced annuity and as a result you may not receive improved terms.

3. Once you have been given all the facts and annuity options available, you can then decide whether an annuity is the best approach for you or if you need to consider an alternative. Whilst an annuity is the most popular way to fund retirement income in the UK, with 500,000+ likely to be sold in 2012 alone, don't assume it is necessarily the right thing for you. Get help from an expert if you are unsure.

4. Make sure the team who help you are authorised by the Financial Services Authority (FSA). This ensures they operate professionally and in keeping with the best practice guidelines laid down by the FSA. An FSA service will also mean you will have access to compensation if in the future you have to complain about the recommended product or service.

5. Finally make sure you do not take the first offer from your existing pension provider. Currently there is an 80% chance that by shopping around in the market for the best deal available that any offer from your pension provider can be improved.

So in summary, it is worth remembering that this is a major decision, so it is worth knowing that: • you have got all the key facts and figures to hand • you have taken your health and lifestyle fully into account • you have used your open market option and know what the best annuity deals are from each and every company who will take this type of business.

The author works on behalf of client companies in the retirement sector, helping them to promote their businesses through articles such as pension annuity quotes and how to find the best annuity deals best annuity rates

Source: EzineArticles
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