Joint Annuity

 

JIM'S STORY - 65 YEARS OLD

Jim is looking to retire soon and is looking at the best options for him and his wife.

He’s a few years older than her and wants to make sure his pension pot will provide for her should he die first.

JIM'S FIGURES

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JIM'S FULL STORY

At ##age## years old Jim is looking to retire in a little over a year’s time. He and his wife Carly have always been a team when it comes to money, and Jim wants to make sure his pension pot of ##pension_pot## continues to provide for her should he die first.

When Jim retires he’ll take his 25% tax-free lump sum of ##tfls## and use the rest to buy a joint annuity. Jim considered leaving his pension pot invested so that if he passes away earlier than expected there would be a lump sum to leave to his beneficiaries. However, Jim decided not to do this as he wanted to have a guaranteed income.

Jim knows that with a joint annuity his monthly income of ##jimspayment## could be significantly lower than he would get from an annuity just for himself. He feels he’s made the right choice as he can enjoy the security of knowing that Carly will continue to get a regular income should she be left without him.

Jim’s plan is to ensure Carly gets at least ##annuity##% of his annuity income when he’s gone, so she’ll have around ##carlys_payment## a month to live on in addition to her State Pension when she becomes eligible.

Jim will be entitled to the new State Pension which is currently £185.15 per week at his State Pension age. Carly should also be entitled to the full State Pension when she reaches her State Pension age.

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EXPLORE MORE STORIES

STORIES ABOUT ANNUITIES

George wants a guaranteed monthly income.

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Helen wants her annuity to increase with inflation.

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Dawn can get an enhanced annuity because of poor health.

Read Dawn’s story now

 

STORIES ABOUT FLEXIBLE ACCESS

Ted wants to take his 25% tax-free lump sum and then invest the rest.

Read Ted’s story now

June wants flexibility in how and when she accesses her money.

Read June's story now

STORIES ABOUT OTHER OPTIONS

Jill wants to take all of her pension in cash, now.

Read Jill’s story now

Nigel wants to continue working and leave his pension to grow

Read Nigel’s story now

 

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RETURN TO: TAKING YOUR MONEY

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TAKING YOUR MONEY

TAKING YOUR MONEY

Have you thought about what your plans mean for your retirement income? Our calculators can help you work it out.

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COMBINE YOUR PENSIONS

COMBINE YOUR PENSIONS

Got more than one pension? Then you could think about putting them all in one place. Combining your pensions with Scottish Widows is simple and we won’t charge you for this service.

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