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Annuity Service

At retirement, you can use the fund available from your Cheviot pension to buy a pension - an income for life. We will let you know how much your fund is likely to be. You will then need to make some decisions about what type of pension you want to buy.

There are a lot of different options which can be confusing. Don't worry, the accessing your savings pages explain them further. All of the options affect how much pension your fund will buy so you need to select the right pension for your personal circumstances today and in the future.

Everyone should take advice before buying a pension to make sure they get the best possible pension. The difference between the best and worst rates can be as much as 45% and that can make a massive impact on your quality of life in retirement. 70% of people buying a pension could get a higher amount. Remember, buying a pension is a decision that affects the rest of your life.

Cheviot’s annuity service provides advice to help you make the most of your fund and to choose the right options for you. Many members benefit from improved terms because of common health problems such as high blood pressure or simply being overweight.

The advice is provided by Price Bailey Private Client LLP, who are independent financial advisers authorised by the Financial Conduct Authority. We have been using Price Bailey’s services since 2010. To use our annuity service you can either complete the retirement options form and return it to Cheviot or contact Price Bailey directly at or on 01223 696110. Either way, someone from Price Bailey will contact you to discuss your options.

If it is all quite straightforward, we will then instruct Price Bailey to purchase the pension on the basis you have selected with them. This reduces costs as there is less advice involved. If you are interested in one of the other options, you may have to enter into an agreement with Price Bailey direct. In either case, any fees can usually be met out of your fund.

Alternatively you can use your own Independent Financial Adviser.

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