Annuities
Helping you get a guaranteed income for as long as you need
Lines open: 9am to 6pm Monday to Friday
So, what is an Annuity?
Let's explain...
- An annuity is currently the only way to provide a guaranteed income for the rest of your life or a fixed term of your choice.
- So, if you value the reassurance of knowing you'll receive a guaranteed income every year for the rest of your life without taking any investment risk, an annuity may be the right product for you.
Overview
Sound like something you'd be interested in?
Here are some considerations worth thinking about...
There are different types of annuities and protection options and it’s important to get the right one to make the most of your money. For example, if you’re ill, smoke or physically unfit, your annuity rate could increase
- Your income can increase each year to protect against inflation. You can choose a fixed percentage (say 3%) or an index i.e. Retail Price Index (RPI).
You can't normally change the basis of your annuity, cash it in or transfer it.
You've got the option to arrange for part of or all of your annuity income to continue to be paid after you die to your spouse or partner (or other beneficiary).
Annuities important information
Here's what you need to know
Advantages
- It gives you a guaranteed income for life or a fixed term.
- You can protect your income by taking out death benefit, which continues to pay an income to your partner or spouse after you die, or pays out a lump sum.
- You can also protect your income against inflation.
- You don’t need to have a medical examination.
Disadvantages
- If you die shortly after the plan starts you may not receive full value.
- There is no flexibility to vary income and you can’t take money out (other than the income payable).
- There are potentially better returns available from other products.
- If the Government changes the way annuities are taxed, the income paid to you may fall.
Tools and Calculators
Our tools are here to help with your pension and retirement planning
Pension income calculator
In a few easy steps, see how your savings are shaping up and what income you could get in retirement.
Annuity Calculator
Get a more detailed idea of the kind of income your pension could give you if you bought an annuity.
State Retirement Age
Looking for your state pension age and what you can expect to get? Our friends at Gov.uk have you covered.
Advice or guidance
What's the difference between advice and guidance
Advice is given by a professional adviser such as IFAs, financial planners, wealth managers and pension specialists. Advice is regulated by the FCA, protecting you from negligent advice and will give you tailored recommendations for your individual circumstances and ensure that the best option or combination of options for your circumstances is found, even if this goes against what you originally thought to be the best decision for you. Taking advice usually costs money.
Speak to one of our pensions specialists today and see how we can help you find the best income for your pension. We can:
- Give advice on all types of pensions
- Maximise your pension income
- Help you make the best possible use of your hard earned savings
Guidance gives a general overview of the options available on the market for free by highly trained specialists. Guidance services won't tell you what to do with your money and you will need to research the market to find the right products and providers to suit your needs and preferences. There's no protection available, but taking guidance is a good place to start to help you understand the various choices available.
For guidance on your defined contribution pension we recommend Pension Wise, a free government service offering impartial guidance on your pension options.
To book an appointment call 0800 138 3944 8am to 10pm everyday
Pension Wise won't recommend any products or tell you what to do with your money.
financial advice
Need help?
Have a commitment free chat with one of our friendly advisers today. Start your conversation by giving us a little more detail.
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Frequently asked questions
Find answers to all your annuity questions
Have a commitment free chat with a friendly adviser today0800 032 9124