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When you are of pensionable age, and decide you would like to benefit from your pension savings, you must use your pension fund to buy an annuity policy that will provide you with an income, or transfer it to a capped or flexible drawdown plan. You may be able to take part of your pension fund as a tax-free lump sum.
An annuity policy will provide you with an income during retirement. You can have your annuity paid monthly, quarterly, half-yearly or annually.
Yes. You can choose an annuity that is guaranteed to be payable for a particular period, either 5 or 10 years.
You can also choose to have the annuity continue to be paid to your spouse or a dependant after your death.
If you have an NFU Mutual pension plan that was taken out after 1986, you can also choose to purchase an annuity that increases by a fixed percentage each year or by a variable rate.
More detailed information on these options can be found in the Key Features Document.
There is no longer a requirement to purchase an annuity by the age of 75 but you must decide whether this is the right option for you and, if it is, when the time is right for you to buy an annuity. Annuity rates can fluctuate and the annuity rate you receive will depend on your chosen retirement age.
The income you receive from your annuity will be paid directly into your bank or building society account.
Yes, your annuity income is taxed as earned income, and is usually paid to you net of tax.
The above information is based on NFU Mutual's understanding of current tax legislation, which is subject to change.
Tax treatment depends upon the individual circumstances of each client and may be subject to change in the future.
Full details of this policy can be found in the Pension Annuity Key Features Document that should be read and understood before you decide to proceed with any purchase. This can be requested via our contact us page or by calling free on 0800 622 323.
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Note* NFU Mutual Financial Consultants advise on
NFU Mutual products and services and in
special circumstances those of other
providers.
** For security and training purposes calls may
be recorded and monitored.
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