Applying For An Annuity

Last updated: 03/01/2015

Once you have found an acceptable annuity quote and annuity provider, if you feel confident in what you are doing, the final stage is applying for an annuity.

This means having to make sense of the application forms.

These and various other certificates will have to be completed accurately and then returned usually together with some original proofs of age and identity for each applicant.

Without these forms and enclosures, your pension funds usually cannot be transferred to your chosen annuity provider.

At this stage, making the slightest error could result in potentially weeks of delay in setting up your annuity and a possible loss of income if annuity rates fall during this time.

You should also note that, in most cases, once you've bought an annuity it cannot be altered in any way. This is why you have to get it right the first time.

Don’t be surprised if all of this sounds a little daunting because it is.

It is probably the reason why around 60% of people don’t even bother to shop around for their annuity at retirement.

If it’s putting you off too, you don’t have to miss out on a higher retirement income.

All you need to do is talk to an independent pension adviser and they will do all the work for you. The process of applying for an annuity is relatively simple to them.

They can also provide you with advice regarding the best annuity options for your personal circumstances, contact your existing pension provider on your behalf and also shop around all of the other annuity providers for you.

In addition, they can also complete all the paperwork.

Why take any chances? Talk to an adviser and you too could get yourself a higher retirement income.

See the following for more information: Annuity Advice & Assistance