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Annuities

Annuities

At retirement important decisions need to be made about the shape of your ongoing income.

An annuity is a type of insurance policy which provides a guaranteed level of income until you die based on a lump sum paid with the proceeds of your pension fund. This income gives you reassurance that your income wonít fall allowing you to plan your future finances.

There are different types of annuity scheme which pay out with differing regularity. The annuity amount may stay fixed or you may choose an escalating income which progressively pays more over the period of the annuity. Factors such as poor health and an unhealthy lifestyle when taking out an annuity may increase the income amount paid.

Making the right decisions at retirement are crucial to maximise the impact of the wealth you have built up. Once an annuity is purchased it canít be changed so itís important to choose the right plan. With an increasing number of options available Broom Consultants provide sound independent financial advice based on your circumstances. To discuss the retirement options available please contact us.

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Broom Consultants Limited is authorised and regulated by the Financial Conduct Authority.