If you buy an Annuity with your pension pot, you may want to have a guarantee period. During this period your pension income will be paid out whether you die or not. You can usually choose any period of years up to 10 years and if you die during this period, your pension income could be paid to your partner or other named dependants, such as your children.
A guaranteed period is not an alternative to a joint Life Annuity because the pension income will stop at the end of the guarantee period. It should be seen as an addition where the cost is minimal compared to the added protection should you die in the early years of your retirement.
To make sure you make the right choice, we strongly advise that you seek professional advice from a fully qualified and regulated Independent Financial Advisor. To arrange for a no obligations, initial free telephone consultation click here.