Can annuities be inherited?

Purchasing an annuity is a big decision, involving a large portion of your pension pot. As such, you may wonder whether or not the money invested will be able to be passed on to your beneficiaries when you die. 

Firstly, providers of joint annuities will allow you to pass on your annuity when you die. Otherwise, if your annuity features a guaranteed period, beneficiaries will receive payments until the period runs out – if the period is over, they will not. If you have a value protected annuity, the beneficiary will receive the value of the pot, minus any annuity payments that were withdrawn by the deceased.

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