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Guaranteed Periods

Put simply this is a death benefit that in the event of your death before a chosen period of time. Eg 10 years. Your payments will continue to be paid until the end of the guaranteed term. Please remember this is a death benefit in case you die early. If you live for 30 years, your annuity payment will continue until the day you die.

An annuity will pay out for the whole of your life. However you can also choose for your income to be guaranteed for a minimum period of time (usually five or ten years), even if you die before then. This means if you die before the end of your guarantee period, the remaining payments left under the guarantee will be paid to your estate.

Source: Iress – Healthy Male Annuity for £50,000 on 31.7.2023.

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    Why take Drawdown advice?

    The Financial Conduct Authority (FCA) produced a report called the Retirement Outcomes Review (MS16/1.3) in June 2018 which commented on how benefits were being taken since the Pension Freedom and Choice legislation was introduced in April 2015.

    Final Salary Pension Schemes

    This will effect you if you have a deferred Final Salary Pension plan or Defined Benefit Pension. If you are a deferred member, i.e., you have left your employer but the pension is not due for payment until your normal retirement date (65?), your right to a Cash Equivalent Transfer Value (CETV) may be affected.

    Budget 2014 – The key changes for annuities

    Using a Fixed Term Annuity or Drawdown will allow you to access 25% of your fund as a tax free lump sum and leaves the remainder of your benefits to be accessed under the further changes proposed from 2015. Therefore, in the interim, this leaves the door open for your options.