Navigate Annuities

If you have a pension scheme, there are a number of different choices available when you come to taking an income out of your retirement benefits. One of these options is to buy an annuity, which will provide you with a guaranteed income.

There is no universal answer when it comes to planning for retirement, which is why it is important to seek expert, tailored advice. Navigate Wealth can help you decipher the many options available, including annuities.

We are experts in the field and can provide independent, unbiased advice on pension products and investment options to help you reach your retirement goals.

To find out more about annuities, or to arrange a free consultation, contact us 0345 340 9690 or use our submission form.

What is an annuity?

An annuity converts your savings into an annual pension, giving you a guaranteed income either for life, or a specified period of time.

What are the different types of annuity?

There are a number of different types of annuity available.

Level annuities: A level annuity will pay you the same income each year. They have a higher starting income than an escalating annuity, but can leave you vulnerable to inflation, which could reduce your annuity income over time.

Inflation-linked annuities: An inflation-linked annuity rises in line each year in line with the retail price index. This will protect your annuity against inflation, but starts at a much lower rate. Before selecting this option, it is advised that you consider your current circumstances (such as your health) to determine whether you want to receive an annuity income over a short or long-term period.

Escalating annuities: An escalating annuity will increase each year at a fixed rate. While it may start lower than a level annuity, the amount it pays will increase by the same amount each year.

Lifetime annuities: This option will pay you an income for the rest of your life.

Impaired or enhanced annuities: This type of annuity will pay out a higher income if your health or lifestyle is likely to shorten your lifespan.

Short or fixed term annuities: It is possible to use part of your pension pot to buy an annuity that provides a short-term income. The rest of your pot is left invested. This is a good option if you do not want to commit your pension fund to a lifetime annuity.

Joint life annuities: This option will pay an income to your spouse or partner following your death, but usually at a lower rate.

How is an annuity calculated?

The amount of income you will get each year from an annuity depends on a number of factors including:

Your age
Your health and lifestyle
How much you had in your pension pot when you bought the annuity
Whether you want the annuity to pay out to someone after you die
Whether you want the income to increase every year

Contact us

Navigate Wealth is here to help you decipher which type of annuity is best for you by offering clear, easy-to-understand advice that helps you to make the right decision about your financial future.

To find out more about annuities, or to arrange a free consultation, you can contact the Navigate Wealth team on 0345 340 9690 or use our submission form.

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Mr T, Cheshire

"We cannot thank you & the team enough for everything you have done. Everything went so smoothly, which I know is due to your professionalism and expertise. We would highly recommend you to anyone who needed similar help."

Mr B, Jersey

"As an overseas customer finding the right advice and help is of the utmost importance. Richard and his team at Navigate Wealth exceeded my expectations and helped me to transfer my pension quickly and efficiently. I have no hesitation in recommending Navigate Wealth as pension consultants."

Mr S, Madrid

"I was looking to transfer my occupational pension to a self-invested pension plan and needed to find a professional adviser in order to comply with regulatory requirements. Richard Bamforth was very helpful not only in helping me process the transfer at a reasonable cost, but also in giving me his advice and insights on consequences and possibilities that I had not appreciated previously, despite my being financially literate and having spent my career in financial services. I would thoroughly recommend Richard to anyone who is considering seeking advice on pensions, however informed they might think they are."

Mrs H, Essex

“I was very pleased with the straightforward advice received from Richard Bamforth when looking to consolidate a relatively small defined benefit pension into my main small self-administered scheme (SSAS). Most advisors either wanted to charge a huge amount for the government-required advice, or wouldn’t even deal with my enquiry since I wasn’t looking to use their managed funds. Richard was thorough in his investigation, and reviewed the options carefully, while taking into account my individual situation. I would recommend Richard Bamforth's services to anyone looking for expert, independent financial advice.”