An annuity is a way to get a guaranteed pension income for the rest of your life. The payments made will be added to any other income you may have for the year and assessed for income tax.
You can buy an annuity with some or all of the pension fund you’ve built up, ensuring you have a reliable income for the future. There are many different types of annuity to consider and various factors which will affect your annuity income such as; your age, your health, interest rates and the type of annuity you choose.
There are many different types of annuity, but they are all designed to provide you with a pension income when you retire. You don’t have to buy your annuity from your current pension provider; the income you could receive from different providers can vary significantly, so it’s really important to shop around. For more advice on shopping around visit The Money Advice Service. Depending on your health and lifestyle, you may be able to get a higher rate than you would ordinarily receive.
So how does our service work? Once you tell us what type of pension annuity you’d like, we will obtain quotes from our panel of carefully selected providers to send to you. Then you let us know which pension annuity provider you have chosen.
Your NFU Mutual Financial Adviser* can help you decide which type of annuity would suit your individual needs.