Annuities Explained

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If you have a private pension or ‘money purchase’ company pension you’ll be able to take some of the cash you’ve accumulated as a tax-free lump sum, typically up to 25%. All or part of the rest can then be used to buy your annuity.

Annuities at a glance

You can buy a conventional annuity from the age of 55
Once you have bought an annuity it is not possible to change your mind
It’s important to consider all choices, not just the highest rates, to ensure your annuity suits your circumstances
Any income generated is added to any other income and is taxed accordingly
Rates vary by annuity provider and income from an annuity can vary according to:

- The size of your pension fund. Some providers offer better rates for people who can invest large amounts
- Your age. The older you are the more income you will get each year.
- Your health and lifestyle choices. You may qualify for an enhanced annuity.
- Where you live. Providers may use figures on mortality rates linked to your postcode area to determine your annuity income.
- The income features you choose when you buy your annuity.

How much income could you get with an annuity?

Try our free online annuity calculator for an instant quote.

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Annuities at a glance

How much income could you get with an annuity?

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