Annuities: 7 unusual ways to qualify for an Enhanced Annuity

iStock_000012131139XSmallIf you are approaching retirement and looking to turn your pension pot into an income, there’s a fair chance you will be joining the thousands of other people each year who buy an Annuity. Once you have rejected other retirement income options, such as Income Drawdown, it’s then a case of making sure you select the right Annuity options, spouse’s pension, guarantee periods and so on, and search for the best rate. One of the ways to improve your Annuity ...

Pensions Minister keeps up pressure on Annuity industry

Steve Webb 1Steve Webb, the Government’s Pensions Minister, has continued to build up pressure on the Annuity industry, saying yesterday that “Annuities need a rethink.” The latest intervention from Mr Webb comes on the back of comments he made earlier in the month promoting the idea of a switchable Annuity, which would allow pensioners to change their Annuity provider much like someone might do with their mortgage or credit card. Annuity reform? A Lifetime Annuity, often simply referred to as an Annuity, is used ...

Annuities: Myths, misconceptions & mistakes

iStock_000016454287_ExtraSmallAnnuities have hit the headlines over the past few weeks and whilst the quality of journalism is usually pretty good, the same cannot always be said for readers’ comments which accompany online articles. We thought it would be fun to take some of these comments and expose the myths, misconceptions and mistakes we’ve found. “Annuities are not fit for purpose, avoid them like the plague.” One of the more hysterical comments we came across! There’s no denying rates have dropped over recent years, but an Annuity is ...

Retirement: Shopping around for an Annuity to become compulsory?

iStock_000015475220XSmallAn amendment to the Pensions Bill, could force every member automatically enrolled into a pension, to shop around for their Annuity when they retire. Over the next three years, every worker in the UK aged over 22 and earning more than £9,440 per year will be automatically enrolled into a pension, to which they and their employer must contribute. However, there has been criticism that too much focus has been on accumulating a pension fund and too little on the options at retirement. ...