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.

What's in this guide?

  • The different types of annuity
  • How are enhanced annuities different to traditional annuities?
  • What happens to an annuity when I die?
  • Using our online service to apply for an annuity

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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. Once set up, an annuity cannot normally be changed or cancelled. Therefore it is important to consider all of your options, especially in light of the new pension reforms.

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.