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What is an annuity?

An annuity is a guaranteed, regular income which you buy from an insurance company (provider) with your pension savings when you retire.

You will receive an income from the insurance company for the rest of your life, or longer depending on the choices you make when you buy your annuity.

When you choose to retire – anytime from age 55 - you can normally take up to 25% of your total pension pot as a tax-free lump sum immediately. The remainder can then be used to buy an annuity which will pay you a taxable income for the rest of your life.

Page last updated: Monday 16 March 2020