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Temporary annuities
A temporary annuity can be bought for a fixed period, usually with a minimum of five years and a maximum of the period until age 75 is reached. The annuity income is set for the period and at the end of the period, a pre-determined sum is available.
This can be used to buy another temporary annuity, or a lifetime annuity, or for income drawdown.
Proponents of temporary annuities see them as a way of avoiding making a one-off decision too soon in retirement.
Individuals may go through different phases in retirement, from active early years to more sedentary later years. Over time, income needs may vary, while property down-sizing and inheritances may affect financial circumstances.
If you have an old or frozen pension plan then you should have it reviewed by the qualified experts.
You may be able to:
- Increase the value of your pension
- Unlock your pension
- Consolidate your plans
- Save £thousands in pension charges
- Access better performing funds
- Release tax free cash from your plan
- Receive an immediate income
