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You don't have to buy an annuity from your pension provider and it often pays to shop around. Call us for a quote and see how we compare.
Annuities explained.
Pension annuities explained
A pension annuity converts the funds built up
in your pension scheme into a regular income.
The income is then payable for the rest of your life.
Not all pension schemes automatically
provide you with an income.
If you're lucky enough to be in a salary related
(defined benefit) scheme then the chances are
it will provide you with a pension income.
However, if like the majority of people, you’re in a money purchase (‘defined contribution’ scheme), then you will need to use your pension fund(s) to buy a pension annuity to provide you with your income.
You can normally start taking your pension benefits from age 55.
You can take a tax-free cash sum.
Before buying your pension annuity, you will normally be entitled to take up to 25% of your pension fund(s) as a tax-free cash sum. The remainder of your fund is then used to buy your annuity. Alternatively, you can use all of your pension fund to buy your annuity.
It pays to shop around.
The income you’re offered will be based on a number of factors.
- the size of your pension fund
- annuity rates and market conditions when you buy
- your age and postcode, (if provided)
- the annuity options you choose
- the state of your health and certain lifestyle choices.
Your annuity income will be subject to income tax and will depend on your individual circumstances.
Our Pension Annuity.
Our Pension Annuity will provide you with a pension income for the rest of your life that won't fall. We offer extra income for our Pension Annuity where one or more qualifying lifestyle health risks or medical conditions apply. These are our enhanced annuities.
You could qualify for extra income.
Certain medical and/or lifestyle conditions could qualify you for our enhanced Pension Annuity. The more serious your condition(s), the more income we’re able to offer.
There are a number of potentially qualifying medical conditions.
Help with your decision.
Buying a pension annuity is an important one-off decision and we recommend that you seek financial advice before buying one. To speak to a qualified financial adviser call 08000 481 224, Monday to Friday, 9am to 6pm. Please note they can only advise you on Legal & General products and we may record and monitor calls. Call charges will vary.
On this website we have tried to provide as much information as we can to help with your decision including a list of frequently asked questions. This should not be seen as an alternative to financial advice.
Contact us and get a quote.
For more information and to get a Pension Annuity quote, please contact us on
0800 048 0302
We may record and monitor calls. Call charges will vary.
Call us for a quote
0800 048 0302
Monday to Friday, 9am to 5pm
We may record and monitor calls. Call charges will vary.
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Pension Annuity
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Annuity Plus
We could offer you extra income from our Pension Annuity if common health risks like smoking or being overweight apply.
Enhanced annuity
We could offer you extra income from our Pension Annuity if you suffer or have previously suffered from one or more qualifying medical conditions.
