There are a number of different options you can choose when setting up your annuity. The options you choose will affect the level of income you receive from your annuity. Annuities are based on a number of factors including your age, the size of your pension fund and the options you select. It is crucial that you select the right type of annuity for you, because you cannot change your mind afterwards. You should consider both your immediate and long term carefully when making your decisions.

Probably the most important factor in selecting an annuity are the rates offered by a insurance companies. For example, currently level annuities produce much higher incomes than inflation proofed annuities. You may feel it unlikely you will live long enough to benefit from inflation proofing your policy.

When choosing your annuity, you are actually making two decisions.

What type of income you want to receive?

Choosing an income that pays for your lifetime only (Single Life Annuities)
Choosing an income that continues to your spouse or partner (Joint Life Annuities)
Choosing an income that is guaranteed for a certain length of time (Guaranteed Annuities)

How do you want your annuity to change in future?

Payment Frequency
Level Annuities
Increasing Annuities

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