Best Buy Joint Life Annuities
(What’s an annuity?)
Purchase price per £50k joint-life last survivor for a Man aged 65 and a Woman aged 60
This annuity is taken out by a couple and works as follows: When the first person dies the income passes to the survivor. When that survivor dies the annuity ends.
The figures below show what each £50,000 in your pension pot will buy you. So if you have £100,000 in your pension fund you can multiply the figures below by 2. This will demonstrate what your yearly pension payment would be.
|Provider||Level without guarantee
|Level guaranteed 5 years
|Escalating 5% p.a. compound without guarantee
|Hodge Lifetime||£2189.00 p.a||£2189.00 p.a||–||Will I Get this Rate?|
|Legal & General||£2125.44 p.a||£2125.44 p.a||£941.88 p.a||Will I Get this Rate?|
|Canada Life||£2116.80 p.a||£2116.68 p.a||£902.88 p.a||Will I Get this Rate?|
|Aviva||£2092.15 p.a||£2092.15 p.a||£880.50 p.a||Will I Get this Rate?|
Date created: Timestamp 2018-03-23 (YYYY-MM-DD)
Please note that while care has been taken to make sure the information displayed is correct, you must always confirm it yourself. Moneysorter Ltd cannot accept any liability.
Level without guarantee
This means that the income payments provided remain constant throughout the beneficiaries life.
Level guaranteed 5 years
This means that the income payments remain the same each year. But if the beneficiary dies within five years they are guaranteed to be paid for a minimum of five years. Whatever is due would be paid over to the heirs of the recipient.
Escalating 5% p.a. without guarantee
The income payments increase each year by 5% – ie so as not to lose value against inflation. However they stop being paid if the beneficaiary dies ie the next of kin doesn’t get anything further.