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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.

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^Terms and conditions apply. To find out more speak to a retirement income specialist on 0808 156 2693.