Ross Brooke Financial Services

Make every penny count.
By Michael Roberts - 12th March 2009

We all know the importance of shopping around to obtain the best price for goods and services prior to making a purchase. Yet when it comes to one of the most important financial decisions, two-thirds of pensioners condemn themselves to a lower income for the rest of their life by simply accepting the annuity on offer from their existing pension provider.

Shopping around for the best annuity provider for your needs can make a substantial difference and is essential to maximise the income you receive, particularly in the current environment where returns from savings and other investments are likely to be low. A financial planner such as Ross Brooke Financial Services will be able to work with you to not only achieve the highest income from your accumulated pension pot, but also ensure that the annuity you select includes all the features you require.

If you have other sources of income that are sufficient for your needs for the time being, delaying drawing the state pension beyond state pension age could be worthwhile. For each year you delay, your state pension income increases by 10.4%. Therefore a 5 year delay would increase an annual state pension of £5,460 to £8,300. Do bear in mind, however, that inflation would erode the spending power of the pension over the years.

If you would like assistance on this or any other issue, please get in touch. You will find our contact details on the Contact Us page.