Is it right for me?

You’ll need to buy a pension annuity if you want to turn your pension fund into an income for life.

Buying an annuity is an important one-off decision and you will literally have to live with the income from your annuity for the rest of your life. Your attitude to investment risk will largely determine whether our With Profits Annuity is right for you.

If you'd like the opportunity to see if your money can still work for you then it's certainly worth thinking about and you can buy our With Profits Annuity with as little as £5,000.

However you need to weigh this up against the risk that your income could actually fall if investment performance is poor. This is particularly important if this will be your only source of income. 

You may wish to consider our With Profits Annuity if:

• you would like the opportunity for income growth
• you’re willing to accept the risk that your income could fall
• you can afford to take that risk (perhaps you have another source of income)
• you’re prepared to seek independent financial advice
• you want to make sure your partner or dependant is looked after when you die (this option is available on all our annuities).

What if I’m in poor health?

Extra income as a result of your lifestyle or health risks is currently only available through our Pension Annuity. You may therefore be missing out on extra income if you’re in poor health and you choose our With Profits Annuity.

Summary

The table below summarises the main features of our With Profits Annuity as compared to our Pension Annuity:

If you’re unsure whether a With Profits Annuity is right for you, it may help to read our Pension Annuity - Is it right for me? page.

You can choose to buy an annuity, which is part With Profits Annuity and part Pension Annuity.