Here is some of the most frequently asked questions regards to Annuity Rates.

Q1 – What is a pension annuity?

The pensions annuity changes the money built up in your scheme into a regular income. It becomes an income payable for the remainder of your life and is subject to income tax.

Q2 – Is there different annuity rate schemes?

There are two types of schemes. First there is salary related scheme and a money purchase scheme. The first will provide you with your pensions income. The second allows you to use your pension fund to buy an annuity to create your pension income.