What is a pension annuity?
A pension annuity is the only way to turn your pension savings into a guaranteed, lifetime income and is therefore a popular way for people to secure their pension income.
When purchasing a pension annuity, you should use your open market option to shop around to make sure you get the best pension annuity rate from your pension savings rather than simply accepting the rate offered to you by the company you have your pension with. Pension Wise have reported that 80% of people are missing out on extra pension income by not comparing pension annuity rates available to them².
Some of the leading providers we compare to get you the best pension annuity rate:
What's more, you could qualify for up to 50% more pension income through an enhanced annuity¹. Not everyone knows that they could receive a higher pension income if there is any aspect of their health and lifestyle that could reduce their life expectancy.
And while significant health conditions will generally bring about a major increase to the pension income you receive, we find that lifestyle choices such as smoking and drinking can also increase your pension income.
Pension Annuities at Age Partnership
To help you find the best possible return from your pension savings, our pension income service shops the whole of the annuity market, including leading firms and specialist annuity providers such as Scottish Widows, LV=, Just Retirement and Prudential.
Plus, we're so confident about our rates that we offer a Best Rate Guarantee, which means we guarantee to beat any like-for-like annuity quote, or we'll send you a cheque for £100³.
Our Pension Income Service
Our pension income specialists will explain your annuity options and how they impact the pension income you receive, for example how often you'd like to receive your income payments, if you want your income to go up over time or stay level and whether you want to provide an income for a spouse or partner after you die.
If you're unsure about your choices, our Financial Advisors can recommend which options you should take. Both our pension income specialists and advisors have access to the same great pension annuity rates from the whole of the market.
¹ Based on an enhanced annuity vs. a standard lifetime annuity. Source: Which?, 2017.
² Pension Wise, 2016.
³ For full terms and conditions of the Best Rate Guarantee visit http://www.agepartnership.co.uk/guarantee/ or call 0800 975 5151 for more details.