Most people will buy a conventional annuity that provides a fixed or increasing income for the rest of their life. There are alternative annuity products that provide an income for life, but they usually involve some degree of investment risk. In other words, your income may fall in value. If you’re happy to take some [...]
Private pensions Part 4: What type of annuity should I buy?
Most people buy a conventional annuity. These are the most popular annuities by a country mile. A conventional annuity pays a guaranteed income for life that can never fall below the amount payable initially. In other words, you will receive the same income for the rest of your life. You can also arrange for your [...]
State pensions Part 5: Calculating the additional State Pension
How can I calculate the additional state pension? The short answer is ‘not very easily’! There are two main elements to the additional State Pension: The State Earnings Related Pension that operated from April 1978 through to April 2002 and the Second State Pension that came into effect in April 2002. The State Earnings Related [...]
Council Tax Benefit
If you’re are on a low income you could claim Council Tax Benefit Council Tax Benefit is normally paid by reducing the amount of Council Tax you have to pay. In some cases, people may qualify to have all of their Council Tax Benefit paid. Others may qualify for a reduction in the amount they [...]