An annuity provides a regular taxable income for the rest of your life or joint lives and the best annuity rates will be based on the size of the fund, your age, sex, health and annuity rates available at the time. The structure of the income payments will also affect how much you receive. All else being equal, however, annuity rates do improve as the annuitant gets older.
Many people retiring in the UK assume that the provider that they have saved with through their working life will also provide the best annuity rates and retirement income for them when they eventually come to take their benefits. In a great many instances an individual could improve the amount of income that they will receive by exercising an option called the “open market option”. This is merely the option to transfer your pension fund from your existing provider to another life company who would provide a higher income because their best annuity rates are more competitive.
Choosing the right annuity is very important as once bought, an annuity cannot be switched to another annuity provider, cannot be changed to a different type of annuity and cannot be altered in any way for the rest of the annuitant’s life. Once the capital from the pension fund has been invested in an annuity, there is no opportunity for any of this capital to go to a beneficiary on the death of the annuitant. It therefore makes sense to shop around to find the best annuity rates before you make this once and for all decision.
A pension annuity is an insurance policy that pays you an income for life. Because of this lifetime promise you cannot cash in your annuity investment once it has started.
You can only buy a pension annuity with money from a personal or company pension scheme or contract that is approved by the HM Revenue & Customs. You can do this normally from any age between 55 and 75 providing your pension scheme lets you.
Image from page 119 of “Historical collections of the state of New Jersey : containing a general collection of the most interesting facts, traditions, biographical sketches, anecdotes, etc., relating to its history and antiquities, with geographical descr
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Title: Historical collections of the state of New Jersey : containing a general collection of the most interesting facts, traditions, biographical sketches, anecdotes, etc., relating to its history and antiquities, with geographical descriptions of every township in the state. Illustrated by 120 engravings
Year: 1852 (1850s)
Authors: Barber, John Warner, 1798-1885 Howe, Henry, 1816-1893
Publisher: Newark, N.J. : B. Olds, for J.H. Bradley
Contributing Library: Robarts – University of Toronto
Digitizing Sponsor: University of Toronto
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Text Appearing Before Image:
he 94th year of his age. The deceased was an arti-ficer in the army of the revolution,—he it was, who in the day ofhis countrys need, made the only successful attempt ever made in theworld to manufacture wrought-iron cannon, one of which he com-pleted in Middlesex, Penn., and commenced another and larger 15 114 BURLINGTON COUNTY. one at Mount Holly; but could get no one to assist him who couldstand the heat, which is said to have been so severe as to melt thelead buttons on his coat. The unfinished piece is now in the Phil-adelphia arsenal. The one completed was taken by the Britishat the battle of Brandywine, and is now in the tower of London.The British offered a stated annuity and a large sum to the personwho would instruct them in the manufacture of that article; butthe patriotic blacksmith preferred obscurity and poverty in his ownbeloved country, though the country for which he had done somuch, kept her purse closed from the veteran soldier until nearthe period of his decease.
Text Appearing After Image:
Woolman House, near Mount Holly. The above is a representation of the Woolman Place, situateda little out of the village of Mount Holly, on the road to Spring-field. The house represented was built according to the particulardirections of John Woolman, the celebrated travelling preacheramong the Friends, and in which his wife and daughter resided af-ter his decease. John Woolman was distinguished for purity ofheart and benevolence of principle, one of the genuine nobility ofthe human race. He was born in Northampton, Burlington co.,N. J., in 1720. At a very early age his mind was drawn towardreligious subjects. When about eighteen years of age he waspowerfully impressed with religious truth, and with a strong andprayerful desire to be delivered from the power of sin. In his Journal he writes, I kept steadily to meetings; spentfirst-days afternoon chiefly in reading the scriptures and other goodbooks, and was early convinced in my own mind, that true religionconsisted in an inward life
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