Age needs one voice. Now it has:
Age UK is the new force combining Age Concern England and
Help the Aged in England.
The Age UK Annuity Service, provided by Premier Retirement Services, helps you shop around for a better annuity rate.
Click on the link to their website and get quotes from a range of leading providers, or call to talk to a specialist on 0800 023 2748*.
You only get one chance to find an annuity that suits you. Find yours today.
An annuity converts your pension fund into retirement income for the rest of your life. When you approach retirement age, you will have to decide what to do with the pension fund you have built up. An option is to buy an annuity, so it's important to find an annuity that suits you.
You only have one opportunity to shop around for your annuity. Once you have committed to an annuity provider and started to receive an income, the decision can’t be reversed. So it is essential that you shop around.
With the Age UK Annuity Service, provided by Premier Retirement Services, you can shop around, comparing annuity rates from a range of leading providers. Premier Retirement Services will take you through the process step by step so you can find an annuity that suits you. Use their online planner to compare quotes online or speak to a specialist over the phone - it's up to you.
The providers of annuities on offer include Just Retirement, Aviva, Prudential and Legal and General.
You say Mr B, Redditch I was amazed that by shopping around online using the service, I was able to receive £1,000 more income per year than what my pension provider offered me.
I was amazed that by shopping around online using the service, I was able to receive £1,000 more income per year than what my pension provider offered me.
Your pension options are fixed at outset and cannot be altered to take account of changes in personal circumstances.
Your annuity income cannot be altered in value (except for standard increases from indexing payments which have been selected when initially taking out the annuity). Hence there is a limited amount of flexibility and control of your payments.
An annuity would represent poor value for money should you die early, depending on what death benefits you took out at the time of annuity purchase.
The income you receive is dependent upon annuity rates at the time of purchase. There is no possibility of benefiting from future investment returns with a conventional annuity.
Premier Retirement Services
The Age UK Annuity Service is provided by Premier Retirement Services, a division of JLT Benefit Solutions Ltd. Authorised and regulated by the Financial Services Authority - Number 407903. A member of the Jardine Lloyd Thompson Group. Registered office: 6 Crutched Friars, London, EC3N 2PH. Registered in England No. 02240496. * If you call the 0800 number you will be dealing with Premier Retirement Services. Calls to 0800 are free of charge if made from a UK BT landline. Call charges from other companies may vary and you may want to check this with your service provider. Calls may be monitored or recorded for training purposes.
Age UK Enterprises Limited is authorised and regulated by the Financial Services Authority to introduce potential annuity customers.
Age UK Enterprises is the commercial arm of Age UK (registered charity number 112867) and donates its net profits to Age UK. Age UK is a registered trademark. The use of the name and logo are done so under a licence agreement between Age UK and Age UK Enterprises Limited.
Promoter: Age UK Enterprises Limited, Tavis House 1-6 Tavistock Square, London WC1H 9NA. Registered in England and Wales number 3156159.Ref: AN2181V11JAN13
Find out what to do about your annuity as you approach retirement age.
Your existing Pension provider will contact you 6 - 12 months before your retirement date. You will be sent an annuity statement confirming your pension annuity rate. This will tell you how much retirement income your pension fund from your provider will be able to offer you. It is very important to consider your options and shop around.
You could be entitled to an enhanced annuity which takes your health and lifestyles into account. Even minor ‘medical conditions’ such as high blood pressure, high cholesterol levels or being a smoker could give you an increased annual income. Some pension providers do not offer an enhanced annuity option. But, if you are healthy, you could still get more income. All you need to do is use the service to shop around for quotes from other annuity providers.
Input your details into Premier Retirement Solution's online planner to get quotes from a range of annuity providers such as Aviva, Just Retirement, Legal and General and Prudential.
Compare the quotes from the annuity online planner to the quote you’ve received from your existing provider. If you can get a better rate from your existing provider, great. If using the Age UK Annuity Service can get you a little more, then even better. There is no fee for using the Age UK Annuity Service. However if you would prefer to receive some advice on your decision then Premier Retirement Services can put you in touch with an expert.
If you decide to accept one of the quotes you receive using the service you can apply straightaway. Premier Retirement (who provide the annuity comparison service) will send an application form to complete and guide you through the information you’ll need to provide. They’ll liaise with your pension provider to make sure you receive your retirement income promptly.
The online planner was extremely straightforward to use and answered any questions I had along the way. The customer service I received over the telephone was fantastic.
The Age UK Annuity Service is provided by Premier Retirement Services, a division of JLT Benefit Solutions Ltd. Authorised and regulated by the Financial Services Authority - Number 407903. A member of the Jardine Lloyd Thompson Group. Registered office: 6 Crutched Friars, London, EC3N 2PH. Registered in England No. 02240496.
* If you call the 0800 number you will be dealing with Premier Retirement Services. Calls to 0800 are free of charge if made from a UK BT landline. Call charges from other companies may vary and you may want to check this with your service provider. Calls may be monitored or recorded for training purposes.
Promoter: Age UK Enterprises Limited, Tavis House 1-6 Tavistock Square, London WC1H 9NA. Registered in England and Wales number 3156159.
Ref: AN2181V11JAN13
Here are the answers to frequently-asked questions regarding annuities.
A. You can opt for a Drawdown pension, which enables you to draw an income while leaving your pension invested in shares and other assets. You can draw down income from your pension fund (subject to limits set by HM Revenue and Customs) but it is not without risk and you should therefore obtain financial advice.
A. No. You are normally able to take up to 25% of your pension fund as tax-free cash.
A. By taking out an annuity you will enjoy a guaranteed regular income until you die that can enable you to plan with certainty and spare you from having to monitor the progress of your pension fund and make ongoing investment decisions.
A. The ‘open market option’ entitles you to shop around the market for the most suitable annuity income at the point at which you decide to use your pension fund to buy an annuity. Using the open market option could secure you a higher income than the annuity offered by your pension provider and, if you have or have had health problems and qualify for an enhanced annuity, you could secure a much higher income still.
A. Enhanced annuities, offered by certain specialist providers, provide an income boost to those with mild health problems, to smokers and others with health or health related conditions. They could pay an income which (depending on your medical condition) could be higher than a standard annuity. An even higher income could be gained for those with more serious health problems.
A. If you choose a single-life annuity your partner will receive nothing when you die, but there are options that enable you to provide for your partner. A partner is someone to whom you are married (this includes civil partnerships) or someone who, in the opinion of the administrator, is financially dependant on you at the date of your death.
Ref: AN2181V10DEC12
Shop around for a choice of Annuities. Visit Premier Retirement Services
0800 023 2748*
(Lines are open 9am-8pm Monday to Friday) Calls may be recorded
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