Get a Bigger Retirement income using the Annuity Calculator UK
Up to 40% of people qualify for enhanced rates. Annuity Calculator UK will help you find the best annuity rates from the open market. Many people automatically assume when they retire that their pension will start paying out, this is not the case you have to exchange your pension fund for an annuity. At this point you can use an annuity calculator UK to work out how much pension you will get.
Many people assume that they have to buy an annuity from the company that has held their pension. This is not the case, as you have the right to shop around for the best pension annuity rates when you retire – it’s called the Open Market Option (OMO). Worryingly, figures from the Association of British Insurers (ABI) show that 61 per cent of people who bought an annuity in 2007 did not shop around in this way.
Using our annuity calculator you could see for yourself if you can get a better annuity rate than your existing provider is giving.
Pension Annuities Calculator UK
There are significant differences in the performance of the best and worst pension annuities rates and the advice of an independent financial adviser (IFA) should be sought to ensure you get the best annuity rate. The IFA will use a pension annuities calculator UK to see if you can get a better annuity rate than your existing pension provider. You may find out that you qualify for an enhanced annuity rate by using the pension annuities calculator UK.
Annuities Explained
You convert your pension fund into a regular income that will last as long as you live. The income is taxable and the amount that you get each year will depend on the size of your fund, the pension annuity rates the annuity company offers, your gender, age and health, and the type of annuity that you opt for. You are allowed to take up to a quarter of your pension fund as a tax-free lump sum and most convert all of your remaining pension fund into an annuity before the age of 75.
