Prudential has carefully selected us as their preferred provider for pension annuities. 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 almost £1.3 trillion in total assets under management at 30 June 2021.

As at January 2022 we had more than 773,000 annuity customers. In the 12 months to January 2022 we paid our customers over £2.4 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.

You have a number of options to choose from. You need to consider these carefully before you buy our Pension Annuity.

The options you choose will affect the income we’ll pay you.

In some cases, the options that are available may be restricted. If you are entitled to a ‘Guaranteed Annuity Rate' (GAR), you may be able to vary the options you choose, but some choices may mean you lose your GAR. If you have a ‘Guaranteed Minimum Pension’ (GMP), as a result of contracting out of the State Earnings-Related Pension Schemes (SERPS), there are restrictions on how this can be paid. If you are affected by any of these restrictions or you have another type of guaranteed annuity option on your pension, your quote will contain the details.

Is a pension annuity right for me?

 This product could be right for you if you:

  • Want an 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 lump 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 or the options you choose.
  • The pension annuity can't be cashed in or surrendered.
  • Annuity payments are classed as income, which means you may have to pay income tax. It may also affect any means-tested benefits you might receive.
  • 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. MoneyHelper guide: Your pension: your choices.
  • If you apply for our Pension Annuity we'll pay an introducer fee to Prudential. The actual amount will depend on the size of the pension pot used to buy the annuity.
  • We strongly recommend you seek guidance from the Government's free and impartial service,

Ready to get a quote?

Call us on 0800 048 3335 where you can get a free personalised quote.

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