Fixed Term Annuity
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When you retire, one of the most important choices you ll make is how to turn your pension pot into a dependable income. For many people, annuities provide the security they’re looking for a steady payment, guaranteed for life or a fixed period, no matter what happens in the markets.
In essence, an annuity converts your pension savings into an income you can count on. You hand over part or all of your pension pot to an annuity provider, and in return, they agree to pay you a regular income monthly, quarterly, or annually. Once it s set up, your payments continue automatically, giving you peace of mind that your essentials are covered.
Annuity
A lifetime annuity pays a guaranteed income for as long as you live. It’s simple, predictable, and often used to cover day-today essentials. Many retirees combine it with drawdown or savings for additional flexibility
Pros:
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Income guaranteed for life – no matter how long you live.
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Options for joint-life cover, value protection, and inflation increases.
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Straightforward setup and minimal ongoing management.
Cons:
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Once purchased, an annuity can’t usually be changed or cancelled, and rates depend on market conditions at the time of purchase.
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Adding inflation protection or joint-life cover reduces the starting income.
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If you choose a level income, inflation may erode the spending power of your payments over time.
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Inflation may erode the spending power if a level income is taken.
Imagine what expert pension advice could do for your future…
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