Traditional annuities are not permitted to decrease except for very limited, specific circumstances.
You can use your pension fund to purchase a traditional annuity that will provide you with an income for the rest of your life.
However, if you enjoy what you do, the commitment is worth it.
Annuities provide you with a guaranteed income for life in exchange for the funds you’ve built up in your pension.
Traditional annuities can be level or they can increase over time.
Any increases can be at a fixed rate, or in line with an inflation measure.
You may also choose an annuity with a guarantee period of up to 10 years.
If you die within the guarantee period then your pension can continue to be paid to your beneficiary until the end of the period.
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