The Age UK Annuity Service, provided by Just Retirement Solutions Limited, helps you shop around for a better annuity rate.
Click on the link to their website and get quotes from a range of leading providers.
Discover if you could boost your retirement income
When you approach retirement age, you will have to decide what to do with the pension fund you have built up. One option is to buy an annuity which, unlike other retirement products, converts your pension fund into a guaranteed retirement income for the rest of your life.
Most people are unaware that they can shop around for the best annuity rates and that you do not have to buy your annuity from your current pension fund provider.
There can be a noticeable difference in the income that different annuities will pay you. So it’s important that you shop around, as you only have one opportunity to do so – once you’re committed to a provider and started to receive an income the decision can’t be reversed.
Age UK is committed to helping everyone get the best possible retirement. That’s why we’ve teamed up with Just Retirement Solutions Limited, who specialise in helping people make the most of their retirement income.
Take the time to speak to one of Just Retirement Solutions specialists today and they will take you through the process, step-by-step, and help you find and shape an annuity to meet your needs.
Call now on 03332 209 471* to start your retirement journey. Alternatively, you can use the online planner to compare annuities today.
If you die relatively soon after taking out the annuity the money used to fund its purchase cannot be returned – even if you have only received a fraction back from the annuity provider as income payments.
You can choose to protect against this happening but it will mean having a smaller income from the outset.
Just Retirement Solutions Limited
Age UK Annuity Service is provided by Just Retirement Solutions Limited. Registered office: Vale House, Roebuck Close, Bancroft Road, Reigate, Surrey RH2 7RU. Registered in England Number 05125701. Just Retirement Solutions Limited is authorised and regulated by the Financial Conduct Authority. * Calls to 03 numbers cost no more than a national rate call to an 01 or 02 number and must count towards any inclusive minutes in the same way as 01 and 02 calls. These rules apply to calls from any type of line including mobile, BT, other fixed line or payphone. Calls may be monitored or recorded for training purposes.
Age UK Enterprises Ltd (part of the Age UK Group) is the commercial arm of Age UK (charity No 112867) which donates its net profits to the charity. The Age UK network includes Age Cymru, Age NI, Age Scotland and Age UK (Registered in England and Wales No 03156159). Registered Office: Tavis House 1-6 Tavistock Square, London WC1H 9NA.
The use of the name and logo ‘Age UK’ is done so under licence agreement between Age UK and Age UK Enterprises Limited.
Age UK Enterprises Limited is authorised and regulated by the Financial Conduct Authority to introduce potential annuity customers.
Promoter: Age UK Enterprises Limited, Tavis House 1-6 Tavistock Square, London WC1H 9NA. Registered in England and Wales number 3156159.
Your existing Pension provider will contact you 6 to 12 months before your retirement date. You will receive an annuity statement confirming your pension annuity rate. This will tell you how much retirement income your pension fund from your provider will be able to offer you. You don’t have to accept this offer. It is very important to consider your options and shop around.
You could be entitled to an enhanced annuity which takes your health and lifestyles into account and can generate a higher income. Even minor ‘medical conditions’ such as high blood pressure, high cholesterol levels or being a smoker could give you an increased annual income. Some pension providers do not offer an enhanced annuity option. If you are healthy, you could still get more income. All you need to do is use our service to shop around for quotes from other annuity providers.
Input your details into the online annuity planner to get quotes from a range of annuity providers such as Aviva, Just Retirement, and Prudential. The Age UK Annuity Service is provided by Just Retirement Solutions Limited.
Compare the quotes from the online annuity planner to the quote you’ve received from your existing provider. If you can get a better rate from your existing provider, great. If using the Age UK Annuity Service can get you more, then even better. There is no fee for using the Age UK Annuity Service. However if you would prefer to receive some advice on your decision then Just Retirement Solutions can put you in touch with an expert. If you decide to accept one of the quotes you receive using the service you can apply straightaway. Just Retirement Solutions will send you an application form to complete and guide you through the information you’ll need to provide. They’ll liaise with your pension provider to make sure you receive your retirement income promptly.
Age UK Annuity Service is provided by Just Retirement Solutions Limited. Registered office: Vale House, Roebuck Close, Bancroft Road, Reigate, Surrey RH2 7RU. Registered in England Number 05125701. Just Retirement Solutions Limited is authorised and regulated by the Financial Conduct Authority.
* Calls to 03 numbers cost no more than a national rate call to an 01 or 02 number and must count towards any inclusive minutes in the same way as 01 and 02 calls. These rules apply to calls from any type of line including mobile, BT, other fixed line or payphone. Calls may be monitored or recorded for training purposes.
Age UK Enterprises is the commercial arm of Age UK (registered charity number 112867) and donates its net profits to Age UK. Age UK is a registered trademark. The use of the name and logo are done so under a licence agreement between Age UK and Age UK Enterprises Limited.
Here are some of the most frequently asked questions concerning Annuities
A. You can opt for a Drawdown pension, which enables you to draw an income while leaving your remaining pension funds invested. You can draw down income from your pension fund (subject to limits set by HM Revenue and Customs) but it is not without risk and you should therefore obtain financial advice.
A. No. You are normally able to take up to 25% of your pension fund as tax-free cash.
A. By taking out an annuity you will enjoy a guaranteed regular income until you die that can enable you to plan with certainty and spare you from having to monitor the progress of your pension fund and make ongoing investment decisions.
A. The ‘open market option’ entitles you to shop around the market for the most suitable annuity income at the point at which you decide to use your pension fund to buy an annuity. Using the open market option could secure you a higher income than the annuity offered by your pension provider and, if you have or have had health problems and qualify for an enhanced annuity, you could secure a much higher income still.
A. Enhanced annuities, offered by certain specialist providers, provide an income boost to those with mild health problems such as high blood pressure and cholesterol, to smokers, and others with more severe health or health related conditions such as cancer. They could pay an income which (depending on your medical condition) could be higher than a standard annuity.
A. If you choose a single-life annuity your partner will receive nothing when you die, but there are options that enable you to provide for your partner, such as spouse’s pension, guarantee periods and Value Protection, but these would need to be included when you set up your annuity. A partner is someone to whom you are married (this includes civil partnerships) or someone who, in the opinion of the administrator, is financially dependent on you at the date of your death.
Lines are open 9am-8pm Monday to Friday. Calls may be recorded.
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