- 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.