Having spent many years investing to build a fund for your retirement, you're now getting nearer to reaping your benefits. You can take part of your retirement fund as a lump sum and with the balance you could buy an Annuity, which gives you a guaranteed income for life.
You could easily live a third of your life in retirement
So it may make sense to have a guaranteed income.
What is an Annuity?
An Annuity is a single premium policy which gives a guarantee income for your lifetime using money from your pension policies. The income you get is based on age and options you choose.
Who can take out an Annuity?
You can take out an Annuity if you have one of the following:
- A personal pension policy
- An approved retirement fund or approved minimum retirement fund
- company pension
- buy out bond
- A personal retirement savings account (PRSA)
Why a Standard Life Annuity?
If you decide to take a cash lump sum, you can buy an Annuity with the balance. You can tailor your Annuity to include options such as a pension for your spouse or civil partner if you die.
- It will give you a guaranteed income for life
- You can choose to have your Annuity increase each year and/ or a spouse/civil partner Annuity payable after you die
- Your policy's covered by the UK's Financial Services Compensation Scheme
- Once you purchase an annuity you can't cash it in
- The income may stop when you (and your partner with joint life annuity) die so there is no funds to leave to your dependants
How to get started?
Buying an annuity is a big decision and we recommend that you speak to a Financial Adviser
Should you choose not to, you can contact us directly on 01-639 7070
- assist you to purchase a product
- give you factual information
- provide quotations and send you an information pack
- answer any technical questions
- carry out your instructions.
But we can't give any advice or recommendations when it comes to making an investment