Retirement is one of the most important stages in anyone’s life. After years of working hard and saving money into a pension it’s now time to secure your retirement income.
Buying a pension annuity converts the money you have saved in your pension into a regular income, usually for the rest of your life.
If you have a private pension or ‘money purchase’ company pension you’ll be able to take some of the cash you’ve accumulated as a tax-free lump sum, typically up to 25%. All or part of the rest can be used to buy your annuity.