There are various types of annuity, such as an enhanced annuity which would pay more for illness or for example, to a smoker. An annuity will provide a fixed income (with the option to increase) over the lifetime of the applicant; an option can be added to pay an amount to a surviving spouse, in the event of death of the applicant. Options need to be built in at the outset of the plan being set up.
Annuities are guaranteed and once taken out, cannot be altered; they are rate driven and offered by a pension provider. Typically, the tax free cash from the pension will be paid up-front.
To discuss your annuity options and meet with one of our Independent Financial Advisors in Medway, please call 01634 564664.