Not sure about annuity

anniebanannie

Hi my husband has just under £6000 left in his pension pot and has been advised a 5 year fixed term annuity. The annual income is projected at £67 and he will be paying basic rate tax. I understand it’s not a huge investment but wondered if there was something else he could consider.
Thank you for your time

SonOf

Hi my husband has just under £6000 left in his pension pot and has been advised a 5 year fixed term annuity.

advised by whom and for what?

I understand it’s not a huge investment but wondered if there was something else he could consider.

if your husband reads the retirement options pack it will detail all the major options. The one that would likely stand out is a small pots lump sum. However, if he has other pensions, then maybe consolidation of those pensions could be best.

xylophone

just under £6000 left in his pension pot

Is he able to take it as a taxable lump sum without taking his total income into higher rate tax?

anniebanannie

Thanks for your reply. My husband took his pension early and this is the amount left over. His work advised Hargreaves Lansdown and the details I have given are from their proposal.

anniebanannie

Thanks for your reply. Yes, it appears he can.