We understand how important your pension savings are to you. This is why our service is designed to give you access to the best annuity rates from all the leading income providers, such as L&G, Aviva, Prudential & Standard Life.
However before you shop around for the best annuity rate you need to understand what your options are and which benefits you can buy. We can then guide you through the process of setting up your annuity.
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Try Our Calculator >>"BuyMyAnnuity" is a trading name of Goddard Perry Consulting Ltd (GPC), a firm of Employee benefits consultants & financial advisers. GPC was established in 1982 and specialises in providing services to both employers and employees alike. GPC are authorised and regulated by the Financial Conduct Authority, registration number 125376.
The service offered by "BuyMyAnnuity" is a comparison service which lets you shop around to compare the annuity rates from the leading providers such as L&G, Aviva, Prudential, Standard Life. This in most cases will enable you to obtain an increased income when compared to that offered by your existing pension provider.
This is an non-advised service which means that we have not provided you with advice as to whether an annuity is the suitable product for you. We are merely providing you with the information so that you may come to your own decision. Naturally if you have any questions please do hesitate to contact one of our team on 020 8603 3700.
We will receive commission from the annuity provider selected. The commission is only payable once the transaction has been completed and any income figures quoted will assume that the commission is payable. The commission amount will be disclosed once a formal quotation is issued.
A pension annuity converts the funds built up in a pension scheme into a regular income. The income is payable for the rest of your life and will be subject to income tax. However you can choose the features which suit you best.
The level of income is worked out when you buy it. Once you have purchased a pension annuity it will not be affected by what happens to the stock market, for example, or by changes in the housing market.
You can choose to have either a fixed income, paying you a set amount each year, or one that increases year after year.
A fixed income that will never fall
If you decide to take a fixed income this will never fall nor go up. It may therfore be at risk of the effects of inflation,
which means your money may not stretch as far in years to come.
An increasing income that goes up each year
Alternativly, you can choose an income that increases each year by a fixed perentage of anything up to and including 10%,
or you can choose to have it linked to increases in the Retail Prices Index (RPI). The latter means that, as inflation rises,
so will your income - if inflation falls, however, your income will not.
Enhanced Annuity
In most situations, poor health or a lifestyle that could reduce your life expectancy isn't a benefit but when it comes to your
pension annuity these things may secure an enhanced annuity and therefore a higher retirement income. This is becuase the annuity
may not have to cover as many years.
When you request an annuity quote it is important that you disclose any medical problems, however minor as this could secure you
a much better income. When completing the option forms you will be asked some initial medical questions to identifiy if you qualify
for an enhanced annuity. A more detailed questionnaire may be required to establish the extent of your medical conditions.
Payment frequency
You can choose whether your income is paid monthly, quarterly, half yearly or yearly and whether you receive it at the start of the
payment period (in advance) or at the end of that period (in arrears). For example, if your annuity is completed on the 10th of the
month and you've chosen to receive your payments monthly, selecting 'in advance' would mean you would receive your payment on that day.
If you select to have your payments in arrears you would receive your income on the 10th of the following month. If you select payment
in arrears the payment will be slightly better.
An income for your dependant
A pension annuity will pay you an income for as long as you live and will normally cease to be paid when you die. However, you can arrange
for your income to be paid to a surviving spouse, registered civil partner or financially dependent partner after your death. Please note that
if you choose this option, your starting level of income will be lower.
Guaranteed minimum payment period
You can choose to add a guaranteed minimum payment period of 5 or 10 years to your annuity. This means that if you were to
die within that period, your income would continue to be paid to a person nominated by you. Please note that if you choose this option,
then your starting level of income will be lower.
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