Single or Joint Annuity

If you are thinking about buying an Annuity with your pension pot, you will need to decide whether you want an income just for yourself (Single Life), or one that would continue to pay out to a partner or dependant if you were to die (Joint Life).

Single Life Annuity

This suits a person with no spouse, partner or dependant or if their partner has their own pension income. Income is higher than a Joint Life Annuity but there is no provision for any Spouse, Partner or dependent if you should die first.

Joint life Annuity

A Joint Life Annuity provides an income for both you and your spouse, partner or dependent. This is advisable where your spouse, partner or any other dependant, hasn’t made their own pension arrangements, or their pension will be too small. With a joint-life lifetime annuity, after your death, your spouse, partner or financial dependant will receive a proportion of the income you were getting. You have to choose the proportion (100%, 50% etc...) when buying your annuity. The higher the proportion you choose, the lower your retirement income will be.

Plan for your spouse, partner or other dependants if they rely on your pension 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.