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An annuity is simply an income purchased with capital. The most common use for an annuity is in pensions, but not all annuities are pensions related.

At its most basic, a pension annuity is simple – you hand over your fund, you get an income until you die. 

A number of factors have combined recently which have led to historically low annuity rates. Because of this a number of changes were made in the 2014 Budget speech which make the annuity decision very different. The message is very much that you should seek advice on the options before you buy an annuity – you may get much better value by taking a different route.

If you are looking for additional information, please click here.