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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.

Page last updated: Friday 03 July 2020