A regular income you can buy with your pension savings. It usually pays you an income for the rest of your life, although some pay for a shorter period.
There are quite a few kinds of annuity – each with different benefits.
- You can shop around on what’s known as the open market option – meaning you can contact different annuity providers for estimates of how much income you could get.
- Each annuity has different rates and features, like inflation-proofing or covering your partner.
- Research what’s best for you – as once you buy an annuity, normally you can’t change your mind.
Although we don’t offer one ourselves, we can help you transfer to a provider that does when the time comes.