Opening Hours

Open at 9:00am Today

Opening Hours

  • Monday - Thursday

    9:00am - 8:00pm

  • Friday

    9:00am - 5:30pm

  • Saturday

    9:00am - 5:00pm

  • Sunday

    Closed All Day

Our Address

Key, Baines House,

4 Midgery Court, Fulwood,

Preston, PR2 9ZH

UK FREEPHONE

0808 156 2693
Calculate now
 Home
Annuities
Annuities Explained

Annuities Explained

Buying a pension annuity converts your pension savings into a regular income, usually for the rest of your life.


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.

Your annuity enquiry will be referred and serviced by our preferred partner, who will be able to offer you specialist annuity advice.
Calculate
Page last updated: Friday 03 July 2020