If you are planning to retire at the end of this year and will be relying on a regular guaranteed income from your pension fund in retirement, then you might want to get a move on!
It takes around 6 – 8 weeks to arrange a pension annuity, and with just six weeks to go until Christmas, now is the time to get your annuity arrangement started so you aren’t left disappointed.
Many people do not realise that you do not have to keep your money with the company (or multiple companies) that currently hold your pension fund/s. By shopping around for a better deal, you could enjoy a better rate, which could equate to thousands of pounds more income over your remaining lifetime.
You can also consolidate multiple smaller pension pots into one larger fund, and this single larger pot of money could qualify you for a better rate. The great news is that Retirement Line’s annuity specialists can do all of this for you; searching the market on your behalf, consolidating your smaller pension pots and arranging your chosen annuity for you.
So, what can you expect over the coming weeks as you arrange your annuity? Follow our step-by-step Christmas Annuity Countdown to find out – we’ve included some handy Christmas countdown tips to guide you through the festive season too!
Collate your pension documents: Request an up-to- date statement and your wake-up pack from your existing provider (or providers, if you have multiple pension pots) if you do not already have them. This should detail the amount of retirement income they will offer you.
Call Retirement Line for your free annuity consultation: You could get a significantly bigger income for life by searching the market for a better rate for your pension fund. A Retirement Line annuity specialist can explain all your options and search the market to find competitive rates on your behalf. They will also discuss how much, if any, tax-free cash you wish to withdraw from your fund when you retire.
Discuss your health: Notify your Retirement Line annuity specialist if you have any medical conditions, or if you smoke or have a high or very low BMI. If this is the case, you may benefit from enhanced annuity rates which could mean even more money for life.
Christmas job: If you are hosting Christmas lunch this year then now is a good time to confirm numbers and order an appropriately sized goose or turkey from your local farm.
Read through your retirement options report: After your initial phone consultation, you will be sent a free retirement options report, personalised to you. This report will include the best retirement income we can find and arrange for you, based on several factors including your age, health and fund size.
Discuss your preferences with your Retirement Line specialist: Once you have had time to read through the information provided then we will call you back to discuss the quotes and your options. There is never any pressure to proceed and we can provide you with as many quotes as you require to help ensure your chosen annuity reflects your individual needs and priorities.
Christmas job: Compile your Christmas present list. You can save a lot of money by writing – and sticking to (!) a list for Christmas presents, rather than braving the shops gung-ho with your wallet in hand. There are fantastic deals in the run-up to Christmas, especially online and in shops on Black Friday (25th November), so start checking for price drops online for the bigger items on your list.
Make your decision: Once you have decided which annuity and provider you wish to proceed with, Retirement Line will arrange everything for you, working with your existing pension provider to have them release your funds directly to your new provider. It takes around 30 days from this point to arrange your annuity, but much of this relies upon the speed of your existing provider.
Christmas job: This is a good time to pre-order your Christmas food with your preferred store. Over the coming fortnight most people will be putting their Christmas trees up too; check your fairy lights in case replacement bulbs need to be purchased.
Enjoy regular updates: At this point your dedicated Retirement Line consultant will be giving you updates at every stage in the process. You can choose to receive these regular updates by post, email or via the telephone.
Christmas job: It is a good idea to get your online Christmas shopping ordered over the next week to ensure your deliveries arrive in time. You may wish to post all your Christmas cards this week too, especially if you have loved ones abroad who you wish to send a card to.
Some of the more straightforward cases can be completed in this time, and you could soon be benefitting from your retirement income. Typically, annuities will take another week to three weeks from this point to complete.
Christmas job: Time to get wrapping the Christmas presents and buy in any drinks or frozen / longer shelf life food for the big day to avoid the crazy Christmas Eve rush. Then sit back and relax, knowing you have everything done and dusted. Merry Christmas!
Speak to one of our annuity specialists today and find out how much income we could secure for you! Call 0800 652 1316.
Retirement Line work on a non-advised basis. If you are at all unsure of which options suit you, you should seek regulated advice.