What is an annuity? An annuity is simply the income you receive for life from the proceeds of your pension that you have built up over your working life.

When selecting the right type of annuity for you it is a complete minefield of choices and not helped by industry jargon. The usual choices are

Do I take 25% of the total pension pot as a tax free lump sum?
Do I want to provide for my spouse so she has an income if I die first?
Do I want to include indexation so my pension rises each year?
Do I want to include a guarantee so that I get value for money if I die young?

These are just some of the questions you need to answer but we will be happy to talk you through your options.

There are 2 major issues you need to consider which unfortunately most people overlook.

Exercise my OMO or Open Market Option. This allows you to shop around for the highest annuity rate from the entire market place

Disclose any health issues as even something as simple as High Blood  Pressure can give you a higher income as the annuity provider may class you as what is technically called an “impaired life”

From a tax perspective you will have received tax relief on your contributions going into the pension , tax efficient growth throughout the years it was invested and now when it is time to take your pension annuity it is taxed as if it was earned income.

There are other styles of annuity / pensions but we have concentrated on the main ones in this section. For further information please contact us to arrange an appointment.

Arranging care for yourself or a loved one can not only be an emotional time, but also a very complicated one. There are a multitude of issues to consider, including mental capacity, eligibility for state benefits, Lasting or Enduring Powers of Attorney, the type and location of care home and of course, funding the care itself. All of which require specialist knowledge. Yet only one in ten people entering care will seek any sort of financial advice.

If you are in need of care and are a self-funder you will be concerned with ensuring that you are cared for in a home chosen by you and be confident that you will have enough money to pay the fees for as long as is needed. However, you may also wish to protect your wealth so that some inheritance may be passed on to the next generation

There are different solutions available such as unit trusts, ISAs, investment bonds and also equity release, for those whose home is their only asset and who wish be cared for in it. The only solution specifically designed for care is the Immediate Needs Annuity - a single premium is used to purchase the annuity which then guarantees to pay a certain level of care fees for the remainder of the person's lifetime. The premium is determined on an individual basis given the medical conditions and family history and is underwritten by experts in this field.

Whether you are concerned about saving for care home fees in the future or facing the possibility of needing to pay these fees now we can arrange an appointment to help you select the right option for you.