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Annuities provide a guaranteed lifetime income which can also protect a spouse or partner if you were to die before them. They provide peace of mind that no matter how long you live, an income will be paid out.

Although they don’t provide the flexibility of income drawdown, they do provide a solid retirement income for those who either don’t want to take investment risk or don’t want to pay an ongoing charge for someone to look after their money.

One of the main reasons annuities were discounted prior to the new pension reforms was the possibility of dying early and losing your remaining fund to the insurance company. This has now been rectified under the new reforms through the addition of a ‘value protection’ guarantee. This allows any unused funds to be passed back to your estate. For example, if your starting pot was £100,000 and your income was £5,000 per year, and you live for 10 years, there would be £50,000 left to be paid to your estate.

Annuities are still right for many people and should be considered as part of your retirement planning.