Annuities

FAQs

A pension annuity enables pension savings to be converted into an income in retirement which will continue for the rest of the annuity holder’s life. Annuities can be bought with monies saved in money purchase or similar pension schemes. Please note if your client has a final salary pension or similar, the scheme will usually pay an income directly from the pension scheme. An annuity cannot be bought with a final salary pension scheme.

No. An annuity can be bought at any time provided that the annuity holder meets the age eligibility criteria.

Yes, but not from Hodge Lifetime. We’re committed to ensuring that customers are aware of their options and they have compared the annuity rates available in the market. We prefer that everyone uses the help of an adviser or broker. Some providers will allow annuities to be bought directly.

This mainly depends on your client’s pension provider. Assuming we receive the pension funds within two weeks, the whole process should be completed within a month.

An annuity is intended to be a commitment for the rest of the policy holders’ life. The Hodge Lifetime annuity has a 30-day period during which the policy can be cancelled if your client changes their mind. After 30 days from the date the application is signed, the cancellation period expires and the policy cannot be reversed.

A guarantee period ensures that the annuity will continue to be paid even in the event of death in the early years. The guaranteed amount will continue to be paid to a dependent or estate.

Annuity income is determined based on life expectancy and long-term interest rates prevailing at the time the annuity is purchased.

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