Getting the right pension annuity advice is vital if you are to secure to highest possible retirement income. Not getting the right advice could mean you losing thousands of pounds over the life time of your annuity payments. The question is just where do you turn to get the best advice? The best place is probably your current pension provider as they can talk you through the various pension options available that they offer. However be aware you do not have to take their offer, you are free and are encouraged to shop around other providers for the best pension annuity advice.
If you don’t like their offer, another option would be to seek professional advice from a registered IFA or Independent Financial Advisor. These people are governed under UK pension annuity laws. This is so that when a potential annuitant is advised by an authorised Independent Financial Adviser who is associated with the registered annuity and pension bureau, this person is protected by consumer laws should the advice turn out to be misleading or false. This is why it is vital that if you accept IFA you talk to them in great detail about your pension options as well as all the benefits and demerits of each annuity scheme on offer.
Should you not understand terms such as “SIPPS”, “phased retirement”, or “unsecured pension”, you should demand clear and detailed explanations over the potential pro’s and con’s of each option. By doing this, you will ensure you get the best possible retirement income. You only get one real chance to buy an annuity as once if has been purchased, it cannot be altered.
However Independent Financial Advisors charge for their services, often several hundreds pounds, which many annuitants cannot afford or simple choose not to pay. This is especially difficult for those who have smaller pension pots. So instead of paying for IFA, use the internet to read up on the various annuity options, as there is a wealth of data on annuities on the internet.
Rates for annuities are lower than they have been for several years at the moment but that does not mean you should be put off completely from buying an annuity. They are a secure and dependable way to enjoy an income in retirement. And should the economy pick up again, rates may start to creep up again in turn.
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