An annuity is the plan you buy with your pension retirement fund upon retirement which will provide you with an income for the rest of your life. There are two types of plan available:
This product changes your pension fund into a regular income that you can fix at the beginning. The income is fixed at the start and you will know exactly what income you will receive every year during your retirement.
Inflation Protected Pension
This product changes your pension fund into a regular income that will increase every year during your retirement. This product will help protect your retirement income against future inflation.
Your pension income is liable for income tax on a PAYE basis.