Thinking Finance UK Limited Annuities

At Thinking Finance we realise that once you get towards retirement deciding how to maximise the monies you have built up in your pension(s) can be confusing. The pension company or life office sends you pages and pages of information, which can leave you confused.
We make the process very easy for you. It will take a short meeting either face to face over the phone or via email. We discuss where you currently have your funds, and is it in your advantage to move them. Not every pension scheme can be moved and in some cases you may disadvantage yourself by moving them. This is known as an Open Market Option (OMO)

Do you want to take tax free cash. How much income do you need? Is the income for two people or just one?
We would also ask you about your health, smoking status and any medication that you are on, to see if you are entitled to an enhanced or impaired annuity.

The amount of income an annuity will pay depends on, the size or your pension fund after taking any tax-free cash. Your health or lifestyle - some annuities pay you a higher-than-normal income if your health or lifestyle threatens to reduce your lifespan. Your age - the older you are the higher the income you get will be. This is because, on average, an older person has fewer years left to live than a younger person. The benefits you choose, for example: whether the annuity is for you, or for you and your spouse or partner, if the annuity is level or escalating - or if it is guaranteed to pay out for a minimum number of years.

Annuities can be taken immediately or deferred. Annuity can be in a drawdown product or a with profits Annuity. You can purchase an Annuity Direct through us using all the top providers including AVIVA Canada Life, LV=, Prudential, Partnership, Just Retirement. L&G, MGM, Friends Life, AEGON and Standard Life.

Enhanced Life Or Impaired Annuities and Long Term Care Annuities
These annuities pay a higher than normal income if you have a health problem that threatens to reduce your lifespan. This doesn't mean that you have to be dying to qualify for one of these products. It does mean however if you are currently on medication or have been a smoker or are still a smoker you will be considered for an enhanced annuity. If you are terminal ill, then you may be eligible for an impaired annuity.

All annuity companies will quote on a series of criteria. Relevant health problems might include cancer, asthma, diabetes, heart attack, high blood pressure, kidney failure, multiple sclerosis or stroke. You might be able to get an enhanced annuity if you are overweight or smoke. This is maybe one of the only occasions that you get rewarded for not eating properly or for the more you smoke and for the longer you have been doing it?

Some companies also offer higher rates to people who have worked in certain occupations or who live in certain areas of the country. Postcode is a factor, which is widely used when determining amounts that an annuity company will offer.

At Thinking Finance we shop around for you and go to the market on your behalf so you get the best Annuity Direct. We can use monies from your personal pension or retirement annuity contract or from your savings. We cannot use the money from certain types of occupational pension schemes.

Long Term Care Annuities
Several annuity companies now provide long term care annuities. These are a fairly new product but work along similar lines to a normal annuity. You provide a lump sum to a company they agree a monthly amount which can be paid direct to the nursing care home. Any payments made are free from any tax liability to the annuitant. Should your health improve the payments are transferable back into your own personal bank account. However you would then have a potential tax liability dependent on your income levels at the time.

Should you require any additional information on these products please contact us on
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