Annuities - a guaranteed income for life

Using your pension to buy an annuity at retirement

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When you retire, one option for taking an income is to exchange some or all of your pension for an annuity. Annuities guarantee you a set amount of income for the rest of your life, regardless of what happens to your health or the performance of the financial markets. This free factsheet tells you more about the different types of annuities – such as enhanced annuities, as well as how you can apply for and compare live personalised annuity rates using our new online service.

In this guide:

  • The different types of annuity
  • How are enhanced annuities different to traditional annuities?
  • What happens to an annuity when I die?
  • How our experts can help you choose an annuity