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A Pension Annuity

A Pension Annuity is purchased with the money you have invested in your Pension plan while you have been working. Once the Pension Annuity is purchased it will provide a regular pension income though-out your retirement . This pension income is guaranteed until death no matter how much you had invested into your Pension fund and in some cases after death.

A standard/conventional Pension Annuity Is when the Annuitant is of good health and has a healthy life style. This Pension Annuity product will pay less to the annuitant because the Pension Annuity provider will predict that the Annuitant will live for a longer period than an Annuitant with health problems.

An enhanced /Impaired Pension Annuity Is when the Annuitant suffers from a health problem, even if the Annuitant is healthy but is overweight or smokes then they may qualify for an enhanced Pension Annuity. These Annuities will pay a higher Pension Annuity rate as the Pension Annuity provider estimates that the annuitant will not live as long as a Standard Pension Annuity customer. This estimation is solely the responsibility of the Pension Annuity provider. If they estimate that a customer will only live for ten years and actually lives for twenty the customer will still receive their regular retirement pension income for their entire life.