Market volatility such as we’re currently experiencing may trigger some people to think about the benefits of swapping investment risk for a guaranteed income for life that you get with an annuity.

If your pension savings have fallen in value, make sure you understand the long-term impact of this on the annuity income you'd get before making your decision.

This is especially important as, once you’ve bought an annuity, you can’t change your mind or adjust your income if there are any changes to your health or personal circumstances. You should also always shop around for the best annuity rate for your circumstances.

Before making any decisions, you can get free guidance from the government’s PensionWise service or you may want to consider speaking to a financial adviser. You can find one yourself at unbiased or you can also get financial advice from Standard Life. A financial adviser can work with you to build a tailored plan that’s tax efficient and resilient to ongoing market changes. There’s likely to be a cost for getting advice.

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