On retirement you may purchase an annuity with a lump sum, and in return receive a regular amount, (monthly, quarterly or annually).

The annuity provides a reliable tax paid income without the worry of future changes in interest rates or economic downturns. They can also be inflation indexed.

Because they are low risk investments the returns provided are normally less than other investments. The tax paid prior to income distribution is at the company rate, and could be more than you would pay via other investments.

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