Pension Annuity
Our Pension Annuity is 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. In most cases, the earliest you can buy a pension annuity is age 55.
Important things to consider
- If you buy a pension annuity, you can't change your mind afterwards. The options you select when you buy the annuity can't be changed later on.
- The annuity can't be cashed in or surrendered at any time.
- Annuity payments are classed as income and are subject to income tax, and could affect any state 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.
- Depending on how long you live, you may receive less than you paid for your annuity.
- If you have any medical conditions or lifestyle health risks, it's important to let us know when completing your application. You may be able to get an enhanced income.
- It's important to ensure any medical and lifestyle information you give us is both accurate and complete so we can pay you the maximum level of income you're entitled to. We may request a report from your doctor after your income starts, to check any medical and lifestyle information you've given us. Your income may be adjusted if we find the report doesn't support what you've told us.
Ready to get a quote?
You can get a quote online for either of our retirement products.