pension annuity

Pension Annuity

Get a guaranteed annuity income for life

What is a Pension Annuity?

A pension annuity is a product that converts your pension pot into guaranteed regular income for the rest of your life, no matter how long you live. With a pension annuity, you'll know exactly how much you're getting, come rain or shine.

Our annuity calculator is a handy tool that will support you in gaining a better understanding of how much you could expect to receive from your pension with a Pension Annuity.

Why get a quote with Legal & General?

Help getting you the best deal

When you get a quote with us, we'll also check if there are better deals available. You'll also have the option of seeing who's offering this by visiting our partner website Annuity Ready.

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Compare product and options

As well as getting a quote for our Pension Annuity, you can also quote for our Fixed Term and Cash-Out Retirement Plans. You’ll be able to get multiple quotes on different products to see how the different options affect your level of income.

Trusted annuity provider

UK families have been trusting Legal & General to look after their finances for over 185 years. When shopping around for an annuity one in every five people choose us.

  • A fixed or increasing income
    You can choose a fixed income that always stays the same or set your income to increase every year to help you keep up with inflation. It can increase by a set percentage or in line with the Retail Price Index (RPI). It’s worth remembering that the higher the increase you choose, the lower your starting income will be.
  • Payment options
    You can choose monthly or yearly payments and you can select to be paid at the start (in advance) or at the end (in arrears) of the month or year you’ve selected.
  • Guaranteed minimum payment period
    You can guarantee to have your income paid for a certain amount of time – up to 30 years – once your annuity starts. If you die during this time, we’ll continue to pay your income to anyone you choose until the end of this period.
  • Choose to protect all or part of the amount used to buy your annuity.
    When you die we'll pay a lump sum for the amount protected, minus any income payments already made. You can protect 25%, 50%, 75% or 100% of the original amount used to buy your annuity.
  • Options to support your dependants
    You can continue to have your payments paid to a loved one after you die by choosing either 50%, 67% or 100% of your income.

If you have any medical conditions or lifestyle risks then you could get a higher income, with an ‘enhanced annuity’. When getting a quote online there is a section to capture these details. This also applies to your partner and could mean you receive a higher income.

When providing your information it’s important to share accurate personal health information with us, as this may help provide you with a higher income. 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.

The choices you make may affect your income for the rest of your life, and you can't change your options later. We strongly recommend seeking financial guidance or advice.

Pension Wise is a government service from MoneyHelper that offers free impartial pension guidance. Available if you're 50 or over, you should consider having a free Pension Wise appointment, before you decide how to access your pension. 

Pension and retirement advice from Legal & General’s team of expert advisers. If you’re aged 55 or over and want to access your pension our advisers can give you advice that’s tailor-made for you, so you can be confident you’ve made the best choices for your future. The first no-obligation call is free.

Get a quote

We can give you an online quote if...

  • You have a Defined Contribution pension pot. If you have a Defined Benefit Pension you need to get advice from a financial adviser first.
  • Your pot is at least £5,000 (for a Pension Annuity) or at least £10,000 (for a Fixed Term or Cash-Out Retirement Plan).
  • You're aged between 54 years 9 months and 84 years 9 months.

Always compare what we can offer with what's available from other providers, as they may have more appropriate products or be able to offer a higher retirement income.

We can't give you an online quote if...

  • Your pension provider offers a Guaranteed Annuity Rate, a Guaranteed Minimum Pension, or any other guaranteed or valuable benefits. You may lose these by moving your pension pot from them.
  • You have an overseas address.
  • You would prefer to receive your quotes by email or post, instead of online or by telephone.

If any of these apply to you, call 0808 304 9447. We may record and monitor calls.

Quote and apply for Pension Annuity

We aim to make this process simple, clear and jargon free.

Online Quote

If you know what you want and have your paperwork to hand, it only takes about 15 minutes to get an online annuity quote.

Our online quote journey has been designed to be used on a larger screen size, such as a laptop or desktop, for the best experience. 

Call for a quote

If you don’t have access to a larger device, our UK based Customer Services Team will be pleased to give you a quote over the phone

0808 304 9447

Lines open Monday to Friday 9am to 5pm.

We may record and monitor calls.

Need expert advice?

If you're considering an annuity, our Retirement Advice Service can help you make the right decision. We'll help you understand your choices and recommend the best products for your retirement needs.

Find out how advice can help you achieve your ideal retirement.

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14% rise in annuity rates in two years

Could now be the best time to buy an annuity? We look at what this means for your retirement income.

Based on Legal & General annuity rates, July 2024.

Common annuity questions

'Pension' could be used to refer either to the amount that you have saved in your pension pot through private or workplace pensions, or to the state pension, which is paid by the Government.

A pension annuity is a product that you can buy with your pension pot, which guarantees to pay you an income for the rest of your life.

Guidance helps you to identify and narrow down your choices in an impartial way. It won’t tell you what’s right for you but will explain your options and provide information so that you can choose what you want to do.

Advice considers your personal and financial circumstances and recommends specific products or actions to be taken that helps you achieve your goals.

Find out more.

There are lots of different types of annuity to choose from. And some have benefit options available too. You can learn more in our ‘Types of annuity’ article. 

We only sell lifetime and enhanced annuities.

An enhanced annuity is an increased income that you could get, if you have any medical conditions or lifestyle risks. You'll need to answer some medical and lifestyle questions to see if this applies to you. You can learn more in our enhanced annuities article

If you apply for a Pension Annuity, you have 30 days from the date you receive our confirmation that your annuity has started to change your mind. If you do not take this opportunity to cancel, your annuity will continue for the rest of your life.

There are options you can choose when buying an annuity that guarantees some money goes to your loved ones when you die. You can learn more in our article 'What happens to annuities when you die?'.

From 1 June 2022, the Financial Conduct Authority now requires pensions providers to refer customers to Pension Wise guidance and explain the nature and purpose of this guidance, when they decide to access their pension savings.

Pension Wise from MoneyHelper is a free and impartial Government pension guidance service.

Your decision about which options to choose is likely to be influenced by many factors, such as how much income or cash you need now and in the future. You should also consider your personal circumstances and the impact that your choices may have on taxation, State Benefits, Annual Allowances and any dependants.

Next steps

Now that you’ve learnt more about our Pension Annuity, why not look at other products available as part of your shopping around. Other providers may have more appropriate products or be able to offer a higher level of retirement income.

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Need some help?

Making well-informed decisions about how to finance your retirement is important so it’s worth shopping around and using available guidance and advice, before you buy:

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Retirement guidance

Pension Wise from MoneyHelper

The government’s free and impartial service, offering guidance to make money and pension choices clearer.

To find out more or book an appointment online click below or call.

0800 138 3944

Monday to Friday 8am to 6.30pm.
Calls may be recorded and monitored.

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Retirement advice

Retirement Advice Service from Legal & General

Our advisers are experts in retirement regulated by the Financial Conduct Authority, so you can trust them to provide impartial advice and a personal recommendation that’s right for you.

0808 304 9155

Monday to Friday 9am and 5pm.
Calls may be monitored and recorded.

Speak with us

Speak with us

Our colleagues in Cardiff are always happy to answer your questions or help you apply for a quote.

0808 189 9551

Monday to Friday 9am to 5pm.
Calls may be monitored and recorded.