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To avoid committing your entire pension fund, and to delay making some of the irreversible decisions that have to be made when choosing a traditional lifetime annuity, it is possible to use part of your retirement nest-egg to buy a temporary annuity.
You pay a fixed amount of money in exchange for a guaranteed income over a fixed period. They can create just the income you need right now.
Once the temporary annuity has expired, the remainder of your pension fund is still available to create income for you. You then have the choice of whether you wish to arrange another temporary annuity, buy a lifetime annuity, or take withdrawals from your remaining fund.
Temporary annuities are another way in which pension planning has become more flexible, and also more complex, in recent years.
For help deciding which options are right for you, Contact us.
