Understanding Pension Annuities
For many people understanding pension annuities and working out whether they need one is quite difficult. There are so many rumours going around that it is easy to become confused. Add to this the fact that in the past four or five years the government has changed the rules twice and you can see why people get confused.
When it comes to annuity simply listening to friends and family who have recently bought an annuity is not an adequate way of gaining the advice you need. Nor is visiting a few websites and reading about the subject. The main reason for this is that much of the information you get from these sources is hopelessly out of date. Besides which, pension annuities are complex financial products. Products that are right for one person are not the best option for another person. This means that you need sound, current and independent advice to make a good decision.
Getting Sound Advice on Pension Annuities
Probably the best place to get information about pension annuities is from those companies that compare annuity rates across providers. Age Partnership is one such company. They compare and monitor annuity rates from some of the largest retirement income providers in the UK. Currently, they work with Prudential, LVE. Standard Life plus many other providers. They offer consumers who come to them free quotes, so that they can see the level of income they can expect in retirement.
They aim to ensure that the people who come to them make an educated decision and find the right annuity for them. However, they also recommend that clients seek independent financial advice before making a final decision.
Getting Independent Financial Advice on Pension Annuities
The best place to find independent financial advisers is by visiting the website of the IFA network. Its members are closely monitored and follow the guidelines that make sure that the advice you get is unbiased. Buying an annuity without seeking this kind of advice is unwise, which is why reputable firms such as Age Partnership recommend that you seek independent advice before buying.
To compare pension annuities visit Age Partnership’s website. There you will be given the opportunity to fill in a form and get a free quote and more information.
