Compare lifetime guaranteed income products (lifetime annuities)

You could get a better rate and save on admin costs by merging pension pots to buy one larger annuity. However, if any of your schemes offer loyalty bonuses or a 'guaranteed annuity rate' you could lose out by combining - check the facts and get advice if in doubt. Only include pension pots from a defined contribution or personal pension scheme (including stakeholder pension). Do not include State Pension or a pension based on final salary or career average earnings.

You can choose to have your income paid in advance or in arrears. This might make a small difference to the amount of income you receive. We suggest you run a couple of comparisons to see what effect this might have.