It’s a lifetime annuity you can buy using the money from your pension pot. It will pay you an income for the rest of your life.
It may be suitable for you if:
It may not be suitable for you if:
Your income could be higher if you or your partner suffer from certain lifestyle health risks, or have been diagnosed with a more serious medical condition(s).
There are several options available so you can tailor your annuity to suit your needs. The options you choose will affect the level of income payable.
|Tax-free lump sum||Take up to 25% of your pension pot as a tax-free lump sum. If you don’t take it at the start of your annuity, you won’t be able to take it later.|
|Dependant's income||Pays your spouse, registered civil partner or financially dependent partner an income of up to 100% of yours, after you die.|
|Guaranteed minimum payment period||A term of up to 30 years from the date the annuity starts, with a maximum age at the end of the period of 100. This means that if you're above age 70, the longest period you can choose will need to be lower than 30. If you die during the guaranteed minimum payment period, your income payments will continue to your estate or nominated beneficiaries at the same level. If you choose this option, your starting level of income will be lower. The longer the period you choose, the lower your income will be.|
|Payments||Monthly, quarterly, every six months or every year, either:
Take up to a 25% of your pension pot as a tax-free lump sum. If you don’t take it at the start of your annuity, you won’t be able to take it later.
Your annuity payments will be taxed as income. Tax will be deducted at source and we’ll send you a P60 every year confirming this. The tax you pay can change, and this will affect the income you receive from us.
If you have selected a dependant's annuity or a guaranteed minimum payment period, the tax treatment of those payments will depend on your age when you die. If you die before you reach age 75, any payments made to your beneficiaries will not be subject to income tax. If you die after you reach 75, your beneficiaries will pay income tax at their marginal rate of income tax.
You can choose to work through all the product sections listed below
Our Retirement Income Calculator that allows you to quickly see what income you might expect from Legal & General's range of retirement solutions.
You can, at any time, request an online quote for any of Legal & General's retirement plans.
If you've any further questions, simply call us on the number below and our team of experts will be happy to help.
Telephone: 0800 107 3482
Open Monday to Friday, 9am to 5pm. We may record and monitor calls.
9am to 5pm Monday to Friday
We may record and monitor calls.
We strongly recommend that you seek guidance from the Government’s free and impartial service Pension Wise.
Find out more about guidance or advice
Remember, it’s important to shop around and get as much guidance and advice as you need before you make any decisions on what is best for you.
We've done our best to avoid complex jargon but take a look at our jargon buster if you need more explanation on any terms we use.