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Annuity advice please!

Lisa46
Lisa46 Posts: 63 Forumite
Part of the Furniture 10 Posts Combo Breaker
in Pensions, annuities & retirement planning
My husband plans to retire at the end of the year. I have heard about annuities but I'm not sure how they work. Do you convert your pension to an annuity and if so is it a good idea to? We have until December to make all the right financial decisions and don't want to screw up!!!! Many thanks in advance ;)

Comments

  • EdInvestor
    EdInvestor Posts: 15,749 Forumite
    Govt's financial retirement guide:

    http://www.moneymadeclear.fsa.gov.uk/guides/retiring_soon/retiring_soon.html

    This site has a lot of info about retirement options

    http://www.annuity-bureau.co.uk/

    You can look at annuity rates here:

    www.fsa.gov.uk/tables
    Trying to keep it simple...;)
  • dunstonh
    dunstonh Posts: 121,226 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    You want to start looking at the open market option and annuity purchase about 3 months beforehand. Getting the info and comparing options and then sorting out the paperwork can be slow.

    The annuity rates posted on various sites, including the FSAs, are usually snapshots and cannot be relied upon for accuracy.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Lisa46
    Lisa46 Posts: 63 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Many thanks for your quick responses. Some homework there for me ;)
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