How to use the annuity calculator
An annuity calculator can help you because converting your pension fund into an income for life is one of the most important financial decisions you will ever take in your life we recommend that you consult an Independent Financial Advisor who will advise you on the best option for you. The annuity calculator on this page is used to get annuity quotes.
By definition, an annuity is a series of fixed payments over a certain amount of time.
Annuities Calculator
This will include an assesment on whether you have access to a guaranteed annuity rate option with your annuities calculator on your existing pension savings scheme or whether you should consider the “open market option”, where you may transfer your funds to another pension annuity provider.
A pension annuity is simply a way to convert your pension fund into income for the rest of your life. Using the annuity calculator uk you have the choice of taking any tax free cash (normally a maximum of 25% of the pension fund) you are entitled to before the annuity is set up. At any point in time an older person will receive a greater income than a younger person for each £1000 converted, this is because of life expectancy. The general level of annuity rates fluctuates from time to time. The income payment is determined at outset using the annuities calculator and guaranteed throughout your lifetime. The annuity can be for a level amount or it may increase each year, e.g. by 5%. Your income will be paid regularly direct into your bank account.
