A guaranteed income from your pension in retirement

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What is an annuity?

Find out all there is to know about annuities in this free guide.

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When you buy an annuity you exchange all or part of your pension for a fixed income for the rest of your life. Your income will not normally change, and once you have bought an annuity you can’t change your mind. Before buying one it is important to compare rates between providers to find the most appropriate option.

The benefits of annuities

Fixed income

Your income is fixed for life. You’ll know how much income you will receive and when it will be paid.

Freedom to choose

You can shop around between companies – you don’t need to stick to your current pension provider.

Higher income rates for illness or smoking

Enhanced annuities are based on your life expectancy, so they pay you more if you have a health condition or smoke.

Use part of your pension

You don’t need to use your whole pension – you can use part and leave the rest invested or take income drawdown.

How to buy an annuity

  1. To compare and buy annuities using our annuity calculator you will need to type in the current value of your pensions and your plans for taking tax-free cash.
  2. Tell us about any health conditions you have and any relevant lifestyle choices, such as whether you smoke. These details are important as they could give you more income if you buy an enhanced annuity.
  3. You will be shown personalised quotes from 10 annuity providers comprising a majority of the UK market*. It is important to shop around between different providers before buying an annuity to make sure you get the best possible deal.
  4. If you find a quote that you are happy with you can buy an annuity directly through our annuity calculator. Otherwise you could continue looking elsewhere or book an initial consultation with a financial planner to discuss your other options.
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Got questions about your retirement income?

Speak to our experts about annuities and your other options for taking an income from your pension:

*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.
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.