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Why buy an annuity?

After years of working hard and saving money into a pension it's now time to secure your retirement income. Pension annuities give you the security of knowing that you will always have an income and not outlive your pension savings.

Annuities are among the most unique types of investments available and they are starting to see a revival in popularity following the Pension Reforms in March 2015.

There are advantages and disadvantages of buying an annuity and you should explore the alternatives before making any decisions, but annuities remain an attractive option for many retirees.

Saving a large enough pension pot to fund a lengthy retirement is hard, so why not ensure you end up using every penny for its intended purpose?

Ideally you would manage to predict your life expectancy so accurately that you neither run out of money nor leave a large legacy. But this is almost impossible and hugely risky.

This is where an annuity can do all the hard work for you; allowing you to use every penny of your pension pot for its intended purpose, but also guaranteeing that you will never run out of money.

The best bit is that once you have bought your annuity, the money will just arrive in regular intervals until you pass away (or until your surviving spouse passes away, if you buy ‘joint life’ annuity or until your guarantee period runs out).

Page last updated: Monday 16 March 2020