A Warwickshire-based financial services company is advising  readers of proposed changes, which could result in an individual’s pension income being determined by where they live.

Financial experts from Burgis & Bullock Financial Services Ltd, based in Holly Walk, Leamington Spa have examined the pension annuity income proposals closely and are they advising local businesses and individuals on the best options available.

Stuart Burkin, an IFA for the firm of financial advisers who appeared on BBC Coventry & Warwickshire’s Financial Programme on 31 August 2007 to highlight the proposed changes comments:

“Basically, the proposed changes will be based on an individual’s postcode.  So, if a person lives in an area where life expectancy is good, then for the same pension fund, they will receive less income than someone who lives in an area where life expectancy is not as good.

“Enhanced annuity rates are already available to those who smoke to have health issues, which would result in a higher level of pension income for the same fund than someone who is in good health.  Indeed, an enhanced annuity can increase your pension income significantly over the standard terms.

“We would advise individuals to search for the best annuity rate when drawing their benefits, in order to maximise on the benefits available.  There are plenty of other investments available and in some instances an annuity may not always be the best option, so we would strongly advise individuals to obtain independent financial advice.”

For further advice on how the proposed changes to the pension annuity income, please contact Stuart Burkin, IFA, Burgis & Bullock Financial Services Ltd, Tel: 01926 451000, Email: stuart.burkin@burgis-bullock.co.uk