Pension Planning Derbyshire
Finance and Money / by Kevin Glover / 92 views
Belper Independent Financial Solutions provide independent financial advice specialising in providing Retirement planning and Investment Management. We recognise that each client is truly unique with their own personal finances.
Retirement planning is a complex task, as it requires careful consideration of various financial options that can impact a persons future financial security.
Impaired Life Annuities
An annuity is a financial product that provides a regular income stream in exchange for a lump sum investment. An impaired life annuity is designed for individuals with certain health conditions that may shorten their life expectancy. These annuities offer higher pay-outs than standard annuities because the insurance company assumes the individual will have a shorter lifespan. This means that the payments from an impaired life annuity will be higher than a standard annuity, providing greater financial security to the individual.
The main advantage of impaired life annuities is that they offer higher pay-outs than standard annuities, providing a greater level of financial security to the individual. This can be particularly important for individuals with certain health conditions that may impact their lifespan. However, impaired life annuities are not suitable for everyone, as the pay-outs may not be worth the investment for individuals with longer life expectancies. It is important to shop around for the best rates and to seek advice from a financial advisor before making a decision.
Transfer Values
A transfer value is the cash value of a pension fund that can be transferred to another pension scheme. This can be a useful option for those who want to consolidate their pensions or move to a scheme with better benefits. A transfer value can be particularly beneficial if an individual has multiple pension schemes and wants to consolidate them into one. It can also be useful if an individual wants to move to a pension scheme with better benefits, such as lower fees or better investment returns.
However, it is important to consider the costs and benefits of transferring, as some schemes may charge high fees or have lower investment returns. In addition, it is important to check the terms and conditions of the existing pension scheme, as some schemes may not allow transfers. It is important to seek advice from a financial advisor before making a decision.
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