The market is booming with financial products of various specifications, and this is no less true for pension schemes and annuities. Thanks to a competitive market, it is possible to get excellent pension products and make your life future proof.

Just as with insurance policies, there are many options to choose from when it comes to pension schemes. This could get confusing but there is plenty of information available on the various products out there and on how you can control your pension scheme.

Pension annuity is a fixed annual sum that is paid out against a large lump sum amount. How much is paid every year can be changed, as can the term of the annuity. It is important to know that not all companies pay the same annuity. Annuity rates can and do change with different companies. This is why it is important to shop around for the best deal.

Annuities can be of two main types, fixed and variable. They either pay a fixed amount or fixed percentage on the lump sum, or they fluctuate according to the ups and downs of the market. Flexible annuity can mean that you have the advantage of getting higher rates, but needless to say, it is also a more risky option.

Annuities can be customised to your needs. With guaranteed annuities it is possible to name beneficiaries who can collect payment after you. it is also possible to have joint annuities.