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An annuity pays a level income that does not increase; you may be concerned that as time goes by the real value of your income may be eroded by the effects of inflation. However, you can choose to have your pension income increase each year. But the amount you will initially receive will be lower than one which does not increase. It is possible to choose the level of increase at outset; typically 3%, 5% or RPI linked (inflation).

This is generally considered an expensive option because of the impact of the starting income. It can take many years before you break even.

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.