Pension Annuities
An annuity converts your pension savings into a guaranteed income that lasts for the rest of your life, or for a fixed term of your choosing. It’s one of the only retirement products that can promise an income you can never outlive, with no risk of running out of money or being affected by stock market falls. At Retirement Professionals, we compare the whole of the annuity market on your behalf, completely free of charge, to find you the highest income available.
Takes just 5 minutes | Whole of market search | No obligation
How We Help You
Buying an annuity is a one-off, irreversible decision, so getting it right matters. Once you provide your details, we research the whole of the market on your behalf, checking standard rates, fixed term options, and whether your health or lifestyle could qualify you for an Enhanced Annuity worth significantly more. One of our specialists then calls you to talk through your personalised results in plain English, with no pressure to proceed.
Your Options Within an Annuity
There’s more than one type of annuity, and the right choice depends on your circumstances — whether you want income for life or a fixed term, whether a partner needs ongoing protection, and whether you want your income to rise over time. Read our full guide to Annuity Options →
Could You Get More?
If you have a medical condition, take regular medication, smoke, or your alcohol consumption is above average, you could qualify for an Enhanced Annuity — paying up to 60% more income for life than a standard rate.
Why Comparing the Market Matters
You don’t have to accept the annuity offered by your existing pension provider. Read our guide to shopping around → to understand how much of a difference comparing the whole market can make.
Is an Annuity the Right Route for You?
An annuity is not the only way to take a retirement income, and it will not suit everyone. Our guide to annuities versus drawdown weighs up guaranteed income against flexibility, with no push either way — and explains why many retirees end up combining the two.
Pension Annuities: Common Questions
What is a pension annuity?
A pension annuity converts your pension savings into a guaranteed income. You exchange your pension fund for a regular payment that continues either for the rest of your life, or for a fixed term you choose. The income is guaranteed regardless of what happens to investment markets or how long you live.
Do I have to buy an annuity from my existing pension provider?
No. You have the right to shop around the whole market, and you are under no obligation to accept your existing provider’s offer. Providers price very differently from one another, so the income available elsewhere can be considerably higher for identical circumstances. Comparing costs you nothing.
Can I change my annuity after I have bought it?
Generally no. Once an annuity is set up, the rate and the options you selected are locked in permanently and cannot normally be changed or cancelled. That permanence is why it is so important to compare the whole market and choose the right options before you commit, rather than afterwards.
What happens to my annuity when I die?
That depends entirely on the options you choose at the outset. A single life annuity stops when you die. A joint life annuity continues paying your spouse or partner. Guarantee periods and value protection can also provide benefits after death. Each option reduces your starting income.
Is an annuity right for everyone?
No. An annuity suits people who value guaranteed, predictable income for life, but it is not the only way to take a retirement income and it will not suit every circumstance. Free impartial guidance on all your options is available from MoneyHelper, including Pension Wise for the over-50s.
We will not provide you with advice or recommendations as part of our annuity comparison service — we research the whole of the market and present you with the best available rates, and it is your decision how to proceed. An annuity cannot normally be changed or cancelled once set up, and will not be right for everyone. Enhanced rates depend on individual health and lifestyle and not everyone will qualify. Free impartial guidance is available from MoneyHelper. Retirement Professionals Ltd is an appointed representative of pi financial ltd, authorised and regulated by the Financial Conduct Authority. FCA number 622943.