Your data will not be shared with a third party other than for the purpose of completing the service which you have applied for. 

Your data will not be shared with a third party other than for the purpose of completing the service which you have applied for. 

Phone 0800 1223 170

to make a telephone application

Lines open: Mon - Fri 9am- 5:30pm

Phone 0800 1223 170

to make a telephone application

Lines open: Mon - Fri 9am- 5:30pm

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Copyright 2016 by Pension Tracing Service ® 

This service is not affiliated with the Department of Work and Pensions or any government body. The Pension Tracing Service does not offer financial advice to our clients. However we can allocate you an Authorised and Regulated Pension Specialist. 

Copyright 2016 by Pension Tracing Service ® 

This service is not affiliated with the Department of Work and Pensions or any government body. The Pension Tracing Service does not offer financial advice to our clients. However we can allocate you an Authorised and Regulated Pension Specialist. 

Choosing your annuity

Choosing your annuity

Utmost care must be taken when choosing an annuity because this is likely to determine the amount of money you get to live on for the rest of your life. It is vital to work out exactly which annuity suits your retirement needs, depending on your own needs and your family. When you are nearing retirement, your pension provider may send you a quotation regarding your pension scheme. When this happens, it may be wise to shop around to try and find a more attractive annuity – which is called taking the Open Market Option. If you find another provider that offers better terms that will deliver a larger retirement income, you are legally entitled to take the value of your pension scheme from your current provider and buy an annuity off the other provider. Shopping around is vital – pensions experts estimate that some retirees can increase their retirement income considerably, in some cases by 50% or more. However, this will depend on the age and health of the pension scheme holder. Pension commencement lump sum Many people choose to take a pension commencement lump sum and use the rest of their pension fund to purchase an annuity. This single payment is tax-free and can be spent, saved or invested as the policyholder sees fit. Once the lump sum has been taken out of the equation, the remainder of the money is used to purchase your annuity, and you can choose the frequency at which the income is paid. Pension annuity payments are made on a monthly, quarterly, half-yearly or annual basis. A monthly annuity payment is the most common way of receiving pension annuity, as most people prefer this to make budgeting easier, having always been paid on a monthly basis.

Utmost care must be taken when choosing an annuity because this is likely to determine the amount of money you get to live on for the rest of your life. It is vital to work out exactly which annuity suits your retirement needs, depending on your own needs and your family. When you are nearing retirement, your pension provider may send you a quotation regarding your pension scheme. When this happens, it may be wise to shop around to try and find a more attractive annuity – which is called taking the Open Market Option. If you find another provider that offers better terms that will deliver a larger retirement income, you are legally entitled to take the value of your pension scheme from your current provider and buy an annuity off the other provider. Shopping around is vital – pensions experts estimate that some retirees can increase their retirement income considerably, in some cases by 50% or more. However, this will depend on the age and health of the pension scheme holder. Pension commencement lump sum Many people choose to take a pension commencement lump sum and use the rest of their pension fund to purchase an annuity. This single payment is tax-free and can be spent, saved or invested as the policyholder sees fit. Once the lump sum has been taken out of the equation, the remainder of the money is used to purchase your annuity, and you can choose the frequency at which the income is paid. Pension annuity payments are made on a monthly, quarterly, half-yearly or annual basis. A monthly annuity payment is the most common way of receiving pension annuity, as most people prefer this to make budgeting easier, having always been paid on a monthly basis.

Help me

Help me

my pensions

my pensions