How to track down lost pensions worth £1,000s
Buying an annuity is usually an irreversible decision, so it’s crucial to consider your options, choose the right type and get the best deal you can.rate of 5% would mean you'll get £5,000 for every £100,000 you invest - so if you paid an annuity provider £50,000, you'd get £2,500 a year."Once bought you can’t unwind it, so if you make the wrong decision, you could regret it further down the line.
"With these kinds of figures in the mix you don’t want to take the chance that your provider happens to offer the best rate – it’s well worth taking the time to check what else is out there," Helen explained. You’re free to shop around and buy your annuity from any provider – and you might find a better deal by doing that.
Helen said: "Many people may feel uncomfortable disclosing these details as they think they will be penalised. Once you've been made aware of your options, you can choose to take financial advice on what decision you should make.Whether you're concerned about your annuity losing value because of inflationA comparison site is a good place to start when looking for an adviser, with Unbiased and VouchedFor being the biggest, according to Which?.
As with an annuity, you can withdraw 25% as a tax-free lump sum, with the rest taxed in the same way as income.
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