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You could give your pension a boost by picking the best annuity. An IFA using an annuity calculator can get you the best annuity quotes from the range of annuities on the open market.
In essence an annuity takes a lump sum of money such as a pension fund and provides it as a regular income for the rest of your life. An annuity is a taxable income and the amount received each month will be relative to your initial lump sum. You are allowed to take a quarter of the pension fund as a tax free amount and convert the remainder into an annuity.
A conventional lifetime annuity is the most common choice from the several option available to you. Many of the best annuity rates will incorporate:
Increasing annuity Set to match inflation for the rest of your life or rise by a set percentage each year.
Guaranteed annuity If you were to pass away shortly after retirement your annuity would continue to pay out for a set amount of time to your nominated recipient.
Joint-life annuity If your partner outlives you they will receive part of or all of your ongoing income.
Investment-linked annuity If your pension fund is a large sum you may wish to invest in the stock market. This does mean however that your income may go down as well as up and carries more risk.
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