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Why do I need an annuity?
During your working life you have probably been saving in some form of pension scheme. The pension scheme is a method of building funds for your retirement. When you retire between the age of 50 to 75 the pension needs to be invested to provide an regular income in your retirement. This special investment is an annuity.
You will need to purchase an annuity if you have one of the following:
- Personal Pension (or Retirement Annuity Contract)
- Stakeholder Pension
- Group Personal Pension
- Additional Voluntary Contribution scheme (AVC) with your own fund
- Free-standing Additional Voluntary Contribution scheme
If you have a Employer's Pension that is based on final salary then the retirement income is part of the pension scheme and you will not need an annuity.
There are a number of different annuity types and options available for these annuities. You can find out more details on by clicking here.
To find out which annuity would best suit your needs, or if you already know what you need, complete the free, no obligation annuity quote form below. Our advisers will look at the current annuities marketplace and provide comparisons specific to your needs and requirements.
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