A partner's pension at no cost to yourself

By Nigel Callaghan | 21 Aug, 2008 

You spend much of your working lives trying to look after your loved ones. The same concerns and considerations apply equally when you are about to retire.
 
With minimum effort, you can achieve the peace of mind of protecting your partner’s future at little or no additional cost to yourself. Simply by switching pension companies to secure the best annuity deal could mean buying your partner an income that would continue after your death for the rest of their life.
 
Research from Hargreaves Lansdown has found that there is at least a 15% difference between the best and worst annuity rates offered by pension companies. Rather than accepting whatever your pension company is offering, by shopping around you could choose a pension that includes a pension for your partner after your death and still receive the same level of annuity, based just on your own life, that you’d been offered by your pension company.
 
If that’s not appropriate to your circumstances, perhaps this saving could be used to secure a minimum guarantee period to your annuity or to partially fund the cost of ensuring that your income increases each year to retain its buying power. Of course, you could also boost the value of your own income.
 
All of these options can be discussed with our expert annuity team on 0117 980 9940. They will ensure that you have all the necessary information and quotations to choose an annuity that best suits your own situation. 
 
Squeezing extra value out of your pension savings could make you and your partner far wealthier in retirement.