Compare annuities.

There are some key differences between our Pension Annuity and With Profits Annuity. Compare our annuities to see which one is right for you.

Buying an annuity is an important one-off decision as you will have to live with the income from your annuity for the rest of your life. You need to make sure that the one you buy is the one that best suits your circumstances as once your annuity has started, you won’t be able to change it. It makes sense therefore to compare annuities before you buy.

Legal & General offers two types of pension annuity, the features and options of each are in the annuity comparison table below:

Pension Annuity	Your annuity income	With Profits Annuity
You receive a pension income for the rest of your life.	How long will I be paid a pension income?	You receive a pension income for the rest of your life.
Your income will be decided in advance so you have the certainty of knowing what you will be paid in any given year.	How much income will I be paid each year?	Your starting income is known in advance but future income will depend on bonuses being paid to reflect investment returns.
Your income will not fall below its starting level.	Will my income fall below its starting level?	Your income can fall as well as rise but won't fall below a fixed percentage of your starting income (depending on your ABR).
You could qualify for enhanced income as a result of lifestyle health risks and medical conditions that apply when you buy your annuity.	Is enhanced income available? (more)	Enhanced income isn't available for our With Profits Annuity.
Your income will be taxed as earned income and will depend on your individual circumstances.	Will my pension income be taxed?	Your income will be taxed as earned income and will depend on your individual circumstances.
Pension Annuity	Your annuity options	With Profits Annuity
You have the option of fixed increases of up to 10% or increases in line with the Retail Prices Index (RPI) (more).	Can I choose annual income increases?	Your income will increase if annual bonuses (dependent on investment returns) are higher than your selected ABR (more).
You can choose to have annual increases (above) to protect the value of your income against inflation.	Can I protect my income against inflation?	Annual bonuses (dependent on investment returns) can protect the value of your income against inflation.
Your pension income can be paid monthly, quarterly, half-yearly or yearly, with payments made in advance or in arrears.	How can I have my pension income paid?	Your pension income can be paid monthly, quarterly, half-yearly or yearly, with payments made in advance or in arrears.
Your income will stop being paid unless you choose a guaranteed payment period (of up to 10 years), during which your income will continue to be paid, even if you die.	Will my income continue to be paid after I die? - Guaranteed payment period (more)	Your income will stop being paid unless you choose a guaranteed payment period (of up to 10 years), during which your income will continue to be paid, even if you die.
They will not automatically receive an income from your annuity after you die unless you have chosen a spouse's, partner's or dependant's pension for them (of up to 100% of your income).	Can my loved-ones be paid an income after I die? - Spouse/partner/dependant's pension (more)	They will not automatically receive an income from your annuity after you die unless you have chosen a spouse's, partner's or dependant's pension for them (of up to 100% of your income).
Once you have chosen your annuity options and your annuity has started, you won't be able to change them.	Can I change any of my chosen options after my annuity has started?	You can change your selected ABR or convert to our Pension Annuity but you won't be able to change any other options.
Pension Annuity	Buying your annuity	With Profits Annuity
You can normally take a tax-free lump sum of up to 25% of your pension fund before you buy your pension annuity.	Can I take a tax-free lump sum before I buy my pension annuity?	You can normally take a tax-free lump sum of up to 25% of your pension fund before you buy your pension annuity.
The minimum amount you can buy our Pension Annuity with is £1,000 (after your tax-free lump sum has been paid).	What is the minimum amount I can use to buy my annuity from you?	The minimum amount you can buy our With Profits Annuity with is £5,000 (after your tax-free lump sum has been paid).
You can buy our Pension Annuity either through a financial adviser or direct from Legal & General (without advice).	How can I buy my annuity?	You can only buy our With Profits Annuity through a financial adviser (with advice).
You can make a personal contribution, to which tax relief will be added, before the total is used to buy an annuity. There are restrictions on how much you can contribute.	Can I use savings (outside of my pension fund) to buy an annuity?	You can make a personal contribution, to which tax relief will be added, before the total is used to buy an annuity. There are restrictions on how much you can contribute.

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