Knowing the answer to what pension will I get? Is crucial in understanding what sort of lifestyle you will have in retirement. Will your pension produce enough so you will be comfortable with financial security and flexibility or will you just get by? Maybe you will be comfortable, financially free and able to enjoy lots of life’s luxuries. This video is part of a series of videos that will give you an idea of what pension you might get and how to find out. DEFINED CONTRIBUTION PENSIONS - ANNUITY Most people today will be paying into a defined contribution pension. You pay in, your employer pays in and the government gives you tax relief which also helps top up your contributions. For someone who is low risk and wants certainty for their retirement then the default option to turn your defined contribution pension pot into income is to go for an annuity. Essentially an annuity is where you give over your pension pot to an annuity provider and they will pay you an income for the rest of your life. Whilst annuities do provide that certainty, the problem over the last few years now is that the income offered has been getting lower and lower. This is because the rate of income you can expect to receive from your pension pot is linked to interest rates. The higher the interest rate the higher the income you will be offered at the start. But what’s happened to interest rates over the last 15 years? They have gone down, down and down. In order to find out your likely annuity income options your pension provider will write to you and automatically quote you at the age you have selected as your retirement. Never take this option without looking at the whole of the market. It’s essential you get the best deal you can as once you’ve decided there is no turning back. You can’t change your mind. There are plenty of annuity calculators out there who will be willing to quote you anytime you want. DOWNLOAD YOUR FREE '10 MINUTE retirement plan' HERE: #WhatPensionWillIGet #DefinedContributionPension #PensionAnnuity...(read more)
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