What is an Annuity?
In simple terms, an annuity is a contract bought using your pension pot. Annuity
provides a regular income throughout retirement for the rest of the policy holder’s
life. This income goes beyond anything from the state or from a previous employer.
As retirement approaches, if you have a personal pension, your provider will contact
you with an offer on an annuity. As as a contract, once an annuity agreement is
signed, there’s no going back – and it is highly unlikely this initial offer is
the best deal you could get, so you should not accept it automatically. For more
information on this, see our retirement
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