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Why use a broker?
They may be able to secure a better deal for you than you can.
They may have access to a wider range of annuity possibilities than you.
You will have a point of contact should anything go wrong.
They work to a set of guidelines laid down by the Financial Service Authority (FSA). The FSA are the UK's financial regulator.
Brokers have got an interest in recommending the right annuity for your circumstances as they will not wish to fall foul of stringent FSA rules.
If you choose not to get advice from an FSA registered broker you may not be able to get compensation if, at a later date, you find you have been missold an annuity.
By using an IFA you will get advice that's normally paid for by the annuity provider. Your broker receives a commission payment direct from the company that they recommend (more).
Terms and Conditions
What is Income Drawdown?
SOMETIMES KNOWN AS UNSECURED PENSIONS OR PHASED RETIREMENT
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You can choose Income Drawdown as an alternative to an immediate annuity purchase.
With this arrangement, you can first take your tax-free cash element, (it cannot be taken later), and the balance would therefore remain in your selected pension fund. There is an exception to this in the case of phased drawdown, whereby your tax free cash and income requirements can be combined.
You can now draw down a chosen amount of between 0 and 100% of the calculated single person's annuity value for the remaining fund. The residual fund can be converted into an annuity when you choose to end the Unsecured Pension arrangement.
An Unsecured Pension is definitely not a suitable option for all. It is essential that any individual obtains the appropriate level of advice before committing to this course of action. Investments can go down as well as up and are not guaranteed.
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