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If you're approaching retirement, it's time to think hard about turning your pension fund into an income for life.
Before you can plan your retirement you need to understand how the money built up in your pension is used to provide you with an income when you retire. One of the options people can choose is to use all or the majority of their pension fund to buy an annuity which pays them a regular income throughout their retirement.
An annuity provides you with a guaranteed income for life. You buy an annuity using a lump sum from your pension or, perhaps, some savings. Annuities remove the worry of not knowing how long you will need to budget for as they are paid for life, however long this may be.
You can buy your annuity from any provider and it certainly doesn't have to be with the company you had your pension with. The amount of income you will receive from your annuity will vary between different insurance companies so it's a good idea to do some comparisons before making your decision, particularly as once you have bought your annuity you can't normally cash it in or change it.
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