Now could be the time to access your pension income

Annuity rate rise is positive news when it comes to guaranteeing an income for life

Now could be the time to access your pension income

This week we have seen annuity rates rises from a number of providers, which is positive news for those considering their financial options for retirement. After a difficult few years, with annuity rates falling over the past decade, this increase is a move in the right direction and could help boost pension income for people opting for an annuity.

So why choose a pension annuity?

While thousands are taking advantage of the freedom they now have to access their pension savings, many are still choosing to buy an annuity and enjoy the financial certainty that this can offer.

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Guaranteeing your income for life, a lifetime annuity will continue to pay out, regardless of how long you live. The amount you receive will depend on a number of choices, such as whether you want the income to remain the same or increase over time, and whether you want some or all of the income to continue for a spouse or partner after your death.

A fixed-term annuity guarantees pension income for a set number of years. You can choose the level you will receive and know exactly how much you'll have left at the end of your chosen term to select another pension-income option, should you wish. It is not possible, however, to know how much income that will secure for you in the future, as the economic climate may change.

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Shopping around can get you the very best rate

It's vital to shop around before deciding whether to accept the rate offered by an existing provider. Annuities can be tailored to your personal circumstances – and taking health and lifestyle factors into consideration can secure you up to 40% more pension income [1]. Companies such as Age Partnership will use information like this to get you the best possible rate.

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Get Advice

Should you decide you would like financial advice, consulting a financial advisor that specialises in retirement income couldn't be easier at Age Partnership.

The advisor will assess your circumstances and objectives, as well your health and lifestyle (along with your spouse if necessary).

The advisor will then create a bespoke report for you setting out our advice, including whether you can achieve a better deal by moving away from your current pension provider.

By speaking to one of Age Partnerships qualified advisors you can be safe in the knowledge that you are making a suitable choice on your future finances, giving you piece of mind.

If annuity isn't the best option for you, our advisors will guide you through the process and discuss all your options with you, to find you the best products for your personal circumstances.

For more information about your pension please call Freephone 0800 464 0722 or click here >>.

[1] Research by Moneywise shows that the potential increase based on health and lifestyle factors is up to 40%.