Joint life annuity

Nurse2047

Hi all, I am reading up on how I can boost my husbands self employed pension and come across joint life annuity- are these advised for couples and can anyone explain how they are set up etc? Thanks 

xylophone

https://www.moneyhelper.org.uk/en/pensions-and-retirement/taking-your-pension/guaranteed-retirement-income-annuities-explained

might be worth a read.

If going down this route, you might wish to go through an independent financial adviser.

https://adviserbook.co.uk/

You would tick "confirmed independent" and "pensions and retirement" when the menu comes up.

 If you have not yet reached SPA, have you both obtained state pension forecasts?

https://www.gov.uk/check-state-pension

Malthusian

If you are looking to put money in to your husband's pension then looking at annuities is academic at this stage, as annuities are a way of taking money out of a pension.

Annuities are useful when you need your pension to provide guaranteed income for your lifetime and cannot tolerate any risk of the pot running out or the income falling. Joint life annuities may be advisable if your partner will still need some or all of that income after your death.

They are increasingly unpopular due to falling annuity rates and the State Pensions providing an increasingly generous "underpin" of guaranteed inflation-linked income. If you are a nurse with an NHS pension, you and your husband will have guaranteed inflation-linked income from that source as well, with a widower's pension if you predecease him.

Nurse2047

Thankyou for your help I will look at the links and discuss with him