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FAQs

Below are our most frequently asked questions, if you can’t find the answer to your question then please contact us, we will endeavour to respond within 48 hours.
  • Should I choose an annuity or Unsecured Pensions (USP) i.e. income drawdown or investment linked annuity?
    This is very much dependent on your individual circumstances and preferences. Please refer to our brochures or speak to one of our Consultants on 0845 850 8550.
  • Is the in-house option better than the Open Market Option (OMO)?

    This aspect is crucial, to find this out you should consider what the existing pension provider is offering and then do a like for like comparison using our quick quote or supermarket function. If you have a medical condition that you feel may reduce your life expectancy it may be worth contacting The Annuity Bureau to see if you could qualify for an enhanced annuity.

    You should examine your current policy for Guaranteed Annuity Rates or Guaranteed Minimum Pension.

  • When will my payments start?

    This depends on the frequency option you choose. If you choose the monthly in arrears option, this means that your first pension payment will generally commence in the second month of retirement. Please note that our process typically takes between 6 to 8 weeks depending on the circumstances of the case, however The Annuity Bureau will do all they can to ensure that your case completes as quickly as possible.

  • Should I opt for the Tax Free Cash (TFC)?

    Also known as ‘Pension commencement lump sum’. Generally we find this to be the most popular choice, but any decision must depend on your individual needs and circumstances and our Consultants can help you here. If tax free cash is not taken at the outset, the option is lost.

  • Who provides the annuity?

    If you choose the in-house option this will be funded by your current provider. If you choose the Open Market Option this will depend on who is offering the most competitive rate on the day.

  • Can I combine my pension policies together to buy my annuity?

    This is possible, depending on the type of pension policies you hold. If you think you may have an old pension, and you are unsure of the details, you can trace these via the Pension Tracking Service.

  • When should I start research?

    Ideally you should begin considering your options between 12 - 6 months prior to retirement. Paperwork should be submitted no later than 2 weeks prior to your nominated retirement date.

  • How long is my quote guaranteed for?

    The quote is typically guaranteed for 14 days, although some providers will extend this to 45 days.

  • Will my fund values change?

    Pension fund values can move both up and down depending upon the underlying investments. To help protect the value of your pension fund you may wish to consider switching your pension fund investment out of more volatile funds (such as equity based investments) and into more secure funds (such as cash or fixed interest), in the interim.