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An annuity swaps some or all of a pension pot for an income, usually for life. These guides explain the types, what moves the rates, and what to weigh before you commit.
Talk to an adviser before you choose →Free annuity advice in the UK is really guidance: Pension Wise explains your choices and MoneyHelper compares quotes, while regulated advice costs money.
Annuity fees in the UK: advice on an annuity is paid by fee, not commission, and the pension you are leaving may charge an exit or withdrawal fee.
UK annuity rates history: rates fell for years as gilt yields dropped and people lived longer, and the yield figures climbed steeply after 2020.
Are annuity rates going up? Nobody can know the next move, but rates tend to follow gilt yields and interest rates, which the Bank of England publishes.
Aviva pension annuity rates depend on your age, health, the annuity type and market conditions, Aviva says; there is no single figure to expect.
Purchased life annuity rates in the UK are quoted per buyer. It is an annuity bought with savings, and part of each payment can be tax-free if claimed.
Can you borrow against an annuity? In practice no: a pension annuity cannot be cashed in, and signing away its income is taxed as an unauthorised payment.
Can you withdraw from an annuity once it has started? Usually not: once the 30-day cancellation window closes, providers say a lifetime annuity cannot be c…
A care fees annuity (an immediate needs annuity) pays a set income for life, usually straight to your care provider. What it costs depends on age and health.
A deferred annuity is bought now and pays an income from a later date. This page covers how it works in the UK and what is known about deferred annuity rates.
Aegon says it does not sell annuities, so an Aegon pension annuity comes from another insurer; a guaranteed rate applies only through Legal & General.
An enhanced annuity application starts with health and lifestyle questions; answer them fully and accurately, because your income rests on them.
Enhanced annuity rates can be higher if your health, smoking, job or postcode suggest a shorter life. How much depends on you; quotes are how to see it.
Fixed term annuity rates in the UK turn on your age, the term and any lump sum kept for the end. Here is how one works, and the pension tax trap.
A guaranteed annuity rate (GAR) is a promise, written into some older pension policies, of a set rate when you turn the pot into an annuity.
Hargreaves Lansdown annuity rates are quotes for your details, not a fixed price list; HL publishes a weekly table for a £100,000 pension as a guide.
How do annuity providers make money? They invest what you pay in bonds and long-term loans, aiming to earn more than the income they promise.
Annuity income depends on your pot, age, health and the shape you choose, so no table fits everyone. Here is how to find the figure for your own pension.
Inflation-linked annuity rates usually start lower than level ones, in return for an income that rises. How the two compare, and what to ask.
Is an annuity worth it? A lifetime annuity swaps flexibility and access to your pot for an income for life; whether that suits depends on your position.
A joint life annuity guarantee period keeps payments going for a set time if you die early; value protection pays a lump sum instead. Here is how each fits.
A Scottish Widows annuity is priced by a personal quote. Here is who can buy one, how quotes reach customers and non-customers, and what moves the income.
Is a guaranteed annuity rate worth it? That turns on what you would give up by moving the pot and on the conditions your policy attaches.
Standard Life annuity rates depend on your age, health and options; its guides give dated examples, and a personal quote sets your income.
Annuity overlap explained: on a joint life annuity with a guarantee period, it means the guaranteed payments and the partner's income can run together.
An annuity death benefit is whatever you chose at purchase: a plain annuity stops when you die; a partner's income or a guarantee can pass money on.
If your annuity provider goes bust, the FSCS can protect the annuity at 100% with no upper limit, provided the insurer and the contract qualify.
A joint life annuity pays you an income for life, then carries on paying a set share to a partner if you die first, at the cost of a lower starting income.
A pension annuity is an income you buy from an insurer with money from a defined contribution pension, paid for life or for a fixed number of years.
What age can you buy an annuity? Usually from 55, rising to 57 from 6 April 2028. Older buyers tend to get more income per pound, for fewer expected years.
How to qualify for an enhanced annuity: an insurer must judge that your health, medication, habits or sometimes where you live point to a shorter life.
Three short questions, no financial details to start. One FCA-authorised adviser firm can talk through your pension or equity release questions and explain your options, and how it is paid. Free to enquire, no obligation.