Protecting your annuity 

If you have dependants who need financial support, you may wish to receive a slightly lower income in return for benefits which can ensure that they will continue to receive an income for a guaranteed period or after your death.

These benefits include:

• 'guaranteeing' payments on your annuity, usually for the first 5 or 10 years after payments start
• providing for your annuity, either in total or a percentage, to be paid to a dependant (a child spouse, or civil partner) in the event of your death
• choosing for the balance of your pension fund, minus any income you have received, to be paid into your estate (net of tax at 35%) if you die before age 75. This benefit is known as 'value protection'

You normally only get one chance to make the right decisions on your annuity and getting this right can make a significant difference to both your income and long term security. Just Retirement strongly recommends that you discuss these options with a financial adviser before reaching any final decision.