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Lifetime Annuities
A lifetime annuity is an investment which will pay you an income for the rest of your life, however long you live. This is usually bought using your pension fund which you will have accumulated throughout the term of your working life.
Lifetime annuities are sold by life insurance companies. The annuity rates they offer people are calculated by taking account of the fact that some people will live longer than others. Obviously people who live longer than average will take more from their annuity than, for example, someone who dies three or four years after retirement.
People who die early subsidise the annuity rates for those who live longer but everyone benefits from the payment of an income throughout their retirement - no matter how long or short that proves to be.
An annuity will be quoted on a gross basis and then taxed according to the instructions from your local tax office. Income of this type is taxed under the Pay as you earn (PAYE) system. Current tax rates and rules could be altered in the future.
To determine which annuity is best for you, please contact us on 0845 676 1010 to discuss your options or fill in the online enquiry form for a quote.
