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Annuities factsheet

Our free factsheet gives you more information about the benefits of annuities and using our new online annuity service.


How to buy an annuity

Buying an annuity when you reach retirement

One of the simplest ways to buy an annuity is to use an online annuity planner. You can enter your personal details and compare personalised annuity rates from different providers, before either making a purchase or continuing to look elsewhere. It is possible to buy an annuity from your existing pension provider when you retire, but you could get a better deal by shopping around and taking advantage of what the Government calls the Open Market Option.

The Open Market Option

An annuity will normally provide you with a set level of income for life, and once you make a purchase you won’t usually be able to change your mind. For this reason the Government introduced the Open Market Option, which allows you to shop around at retirement instead of simply taking the rate of income offered by your existing provider. Annuity rates and features will vary considerably between providers, so you could be better off by comparing your options before taking any action.

Should you talk to a financial planner first?

In light of the new pension changes, the Government has recommended that savers seek impartial guidance or consult a regulated financial planner before taking an income from their pension. If you are unsure about your other option or would like to know more about annuities, why not book a free telephone consultation with one of our expert financial planners today?

Book a free telephone consultation

Important information

The decision to access your pension is an important one and will affect your income and possibly your standard of living for years to come. Therefore we recommend that before any decision is made you receive regulated financial advice or get free guidance from Pension Wise. Find out more about Pension Wise.

*This is a restricted service and not a whole of market solution. You may be able to find a better rate by looking elsewhere or contacting providers directly. Just Retirement Solutions will use your information to provide the annuity comparison service to you for the purpose of obtaining quotes from annuity providers.


Past performance is not a reliable indicator of future returns

The value of your investment can go down as well as up, and you can get back less than you originally invested.

The Bestinvest Online Investment Service, including any account analysis and investment reports provided by our guidance services, is an online execution-only dealing service for investors who want to make their own investment decisions. It does not provide advice on the suitability of products and investments; if you are unsure about the suitability of any investment you should seek professional advice. Clients of our Investment Advisory Service and Managed Portfolio Service can use the website to obtain current valuations of their investments but cannot trade on these accounts online and should call their adviser if they wish to discuss changes to their investments.

Past performance or any yields quoted should not be considered reliable indicators of future returns. Restricted advice can be provided as part of other services offered by Bestinvest, upon request and on a fee basis. Before investing in funds please check the specific risk factors on the key features document or refer to our risk warning notice as some funds can be high risk or complex; they may also have risks relating to the geographical area, industry sector and/or underlying assets in which they invest. Prevailing tax rates and relief are dependent on your individual circumstances and are subject to change.

Issued by Bestinvest (Brokers) Limited (Reg. No. 2830297), which is authorised and regulated by the Financial Conduct Authority. Financial services are provided by Bestinvest (Brokers) Limited and other companies in the Tilney Bestinvest Group, further details of which are available here. This site is for UK investors only.
© Tilney Bestinvest Group Ltd 2016.

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