Answered by Tom Conner
If you have a defined contribution scheme, an annuity pension offers one way you can access your retirement savings to provide a secure and regular income.
It is essentially a contract with an insurance company which, in return for some or all of your pension savings will provide you with an income for life. There are various different types of annuity and you might be able to get a higher income if you have any kind of health issue.
Bear in mind that annuity rates change, so there may be times when they are low and may not be able to provide you with the income you anticipated. On the plus side, annuities do provide reassurance that you will not outlive your savings.
As well as annuities, there are several other ways to get an income from your pension, so it’s worth seeking professional pension planning advice so you can find the best option to suit your individual requirements.
Frequently Asked Pensions Advice Questions
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