You can normally buy an annuity from the age of 55. But don’t leave arranging your pension income to the last minute. Annual forecasts from your pension provider should give you an idea of how much pension savings you have and they may send you an annuity quote some time before you plan to retire.
It’s a good idea to start planning your retirement about 12 months before you plan to take an income from your pension. If you have problems tracking any down, the Pensions Tracing Service should be able to help. Once you’ve gathered all your pension information - around six months before your retirement date - you should talk to a pension specialist to discuss your income needs.
At LV= our friendly team will be able to discuss your personal circumstances and retirement needs and advise you how you buy an annuity if that is the best course of action. Find out more about accessing your pension.
You should also receive an information booklet about your State Pension rights at least four months before you reach retirement age detailing your pension entitlements.
Further information on Annuity, click here