An annuity is a secure, regular income which you can buy from an insurance company. Having saved into a pension fund during your working life, you can use that money to buy an annuity which will pay an annual retirement income for the rest of your life.

It’s important to note that the purchase of an annuity is no longer compulsory and that rates have been on a downward trend. Careful consideration should be taken, and retirement advice sought, before purchasing an annuity. 

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