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Retirement Options

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Purchased Life Annuities

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Purchased life annuities are one of the many great ways that you can look after your future. They are bought for a lump sum which is then later distributed as a regular income to the person who took it out.

This annuity has many benefits including the fact that the net income you receive can be higher than what you would get from a bank or building society, your income will not fluctuate and it is guaranteed for your whole life. 

As most providers set a minimum lump sum for purchased life annuities, individuals taking out this kind of insurance tend to only do so once they have already retired, have become beneficiaries of a will or have inherited property which has been sold. 

Although this kind of annuity provides a lower income than others, the taxation is very favourable and it has many of the added features of pension annuities such as a guaranteed period and being paid in advance or arrears.

For more information about purchased life annuities please contact Annuity UK today.