Aegon has selected us, Legal & General as their chosen annuity partner. Once you've considered your options and you're ready to access your pension pot, our Pension Annuity could help you make the most of your money.

About us

Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.2 trillion in total assets under management as at HY 2023. 

We're a long-standing provider of annuities and ranked amongst the FTSE top 100 companies.

As of end of June 2023, we had more than 986,636 annuity customers. In the 12 months to end of June 2023, we paid our customers over £3.2 billion in pension annuity income.

What can we offer you?

You have the option to buy our Pension Annuity using the money from your pension pot. In most cases, the earliest you can buy a pension annuity is age 55. There's no minimum purchase amount although you’ll need pension savings of at least £5,000 to get a quote online. You can call us on 0800 009 3867 if you’d like to get a quote for a smaller amount.

If you have a Guaranteed Annuity Rate (GAR) or Guaranteed Minimum Pension (GMP) with Aegon you can retain these when buying an annuity from us but you won't be able to complete a quote online. Please call us on 0800 009 3867 to get a quote.

If you live outside the UK please call us on +44 (0) 2920 276080 for a quote. Call charges will vary.

We may record and monitor calls.

Is a pension annuity right for me?

This product could be right for you if you:

  • Want income for life.
  • Want your dependants to get your income if you die.
  • Want peace of mind that your income is unaffected by rises and falls in the financial market.
  • Have certain medical conditions or lifestyle choices. This also applies to your partner and could mean you receive a higher income.

It may not be right if you want:

  • To take cash out of your pension pot as and when you like.
  • A maturity payment (a lump sum at the end of your plan).
  • To change any of the options once the pension annuity has started.
  • Your income to change based on the investment market.

Important things to think about

  • You can choose to take 25% of your pension pot as a tax-free sum if you haven't already done so. If you don't take it at the start of your plan, you won't be able to take it later.
  • If you buy a pension annuity, you can’t change your mind. And any options you choose can’t be changed.
  • The annuity can't be cashed in or surrendered.
  • Annuity payments are classed as income, which means you may have to pay income tax. This could affect any means tested benefits you claim.
  • Any tax you do pay on income from the plan will depend on your circumstances, and may change based on your income tax rate.
  • You may get less than you paid for your annuity, depending on how long you live.
  • It's important that any medical and lifestyle information you give us is accurate and complete so we can pay you the maximum level of income you're entitled to.
  • We may ask for a report from your doctor to confirm information you’ve given us. Your income may be changed if we find the report doesn’t match your application.
  • You should consider getting advice from a financial adviser. There are alternatives to buying an annuity, which may be better suited to your personal circumstances.
  • If you apply for our Pension Annuity we'll pay an introducer fee to Aegon. The actual amount will depend on the size of the pension savings used to buy the annuity.
  • We strongly recommend you seek guidance from the Government's free and impartial service Pension Wise. Pension Wise is a service from MoneyHelper.

Shop around

Making well-informed decisions about financing your retirement is important so it’s worth shopping around and using available guidance and advice, before you buy. Other providers may have more appropriate products or be able to offer a higher level of retirement income.

Get a quote

Find out more about our online tool where you can get a quote for our Pension Annuity.