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Potential risk warnings

The investment returns may be less than those shown in the illustrations.


The investment returns required under alternative arrangements may affect your income.  


When you defer buying a pension annuity, there is no guarantee that annuity rates will increase during the deferral period. Indeed, they may deteriorate leading to a drop in income levels following the required final annuity purchase.


If you draw a large income from the fund it may result in substantial erosion of the amount of fund available to purchase a pension annuity.


When maximum withdrawals are to be taken within income drawdown these may not be sustainable.


The longer the period in which you draw an income, the greater the risk of a fall in income when you eventually buy a pension annuity.


The charges may be higher than those shown in your illustration.


Although some annuity providers provide cancellation rights, these are only available for a limited time and once the annuity is set up you cannot normally cancel it or switch to another provider. Annuity rates may change from time to time and are only guaranteed for a limited time period. An annuity is a long term investment as it cannot be cancelled or transferred to another provider once set up. It does not have a cash-in value. Annuities are covered by the Financial Services Compensation Scheme. This can act as a safety net should an annuity company become unable to meet its annuity obligations.


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Annuities Explained

What they are, how they work and why it makes good sense to shop around.

What are the costs of delay in converting your personal pension to an annuity?