Find out if you’re eligible by calling Key’s Annuity team today!
Many people use a pension annuity to provide them with their retirement income. There are three main types of pension:
- State Pension: payable to those entitled, who are over state pension age.
- Private Pension: set up by individuals with a bank, building society or insurance company, where funds are invested on your behalf.
- Company Pension: set up through your employment, where payments are made by yourself, your employer or both. With company pensions, there are final salary schemes (calculated on your salary and years of service) and ‘money purchase’ (involving an investment similar to a private pension).
So, if you have a private pension or ‘money purchase’ company pension, you can use a pension annuity to convert the funds you have built up into a regular income which is paid for the rest of your life, tailored to your circumstances.
Find out if you could increase your monthly pension income with our annuity calculator. Try it today!