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.
It pays to shop around when buying an annuity to make sure you maximise your income and choice. These steps will help you to get the most out of your annuity.
1. Consider your options. As you approach your selected retirement date (or possibly before if your circumstances change), you will need to consider the options available to you. Contact your financial adviser, if you have one, to discuss your current outgoings and the level of income you will need to maintain a standard of living that is acceptable to you.
2. Contact your existing pension provider. Shortly before your selected retirement date, or at your request, your existing pension provider will issue you with an annuity quote based on your fund value(s) and your choice of options. You (or your adviser) may wish to request quotes on more than one basis so you can see how adding different annuity options affects the income you're offered.
3. Get quotes. Visit the Money Advice Service's annuity comparison tables.You will be asked a few simple questions and presented with a comparison of the annuity incomes from the major annuity providers (based on the value of your Open Market Option). You may wish to contact a few of the more competitive annuity providers to obtain a formal quote (or quotes). Be sure to request quotes on the same basis in order to make a fair annuity comparison.
4. Compare and decide. Compare the annuity quotes you have obtained carefully and revisit your calculations of your target or minimum required income. It may be that you can't afford certain payment options and this may actually make your decision much easier.
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's products and calls may be recorded.
Alternatively, visit unbiased.co.uk to find a financial adviser near you who can advise on the products of more than one provider.
5. Apply. Complete the annuity application form that was sent to you with your preferred quote and return it to the relevant annuity provider. Take care to provide all information as fully and as accurately as possible to avoid a delay in processing as quotes are only guaranteed for a limited period. All that is left to do then is wait for confirmation of your annuity start date and enjoy your well-earned retirement income.
Important - It is essential that you select the right annuity for you as, once the cancellation period has passed, you won't be able to change your annuity payments or annuity provider.
Monday to Friday, 9am to 5pm
We may record and monitor calls. Call charges will vary.
Our Pension Annuity helps you to plan for your future with the certainty that your income will never fall.
We could offer you extra income from our Pension Annuity if common health risks like smoking or being overweight apply.
We could offer you extra income from our Pension Annuity if you suffer or have previously suffered from one or more qualifying medical conditions.