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Compare guaranteed income products (annuities)

You can use all or part of your pension pot to buy a guaranteed retirement income (also known as an annuity). The income can last for the whole of your life or for a fixed term.

Annuity Options

Choose a guaranteed income for life (a lifetime annuity)

Provides a regular income for life in return for a lump sum – with the guarantee that the money won't run out before you die.

Suitable if:

  • you want the certainty of receiving regular payments throughout your life
  • you want to provide an income for someone else after you die

Not suitable if:

  • you want access to your pension pot before you die
  • you want more flexibility about how much to take as income and when

Choose a guaranteed income for a fixed term (a fixed term annuity)

Provides you with a guaranteed income for a set number of years with an option to get money back at the end of the term.

Suitable if:

  • you want set regular amounts over a period of your choice
  • you want money back at the end to buy another retirement product or for another reason

Not suitable if:

  • you want to draw cash from your pension pot as and when you choose
  • you want an income guaranteed for life

It pays to shop around

60% of people stay with their existing provider when buying an annuity.
8 out of 10 lose out by not switching. †

Your pension provider may have provided a link to us. That's because the regulator for financial services – The Financial Conduct Authority – now requires all pension providers to help customers easily identify if they could be getting a better deal by shopping around. Here you can compare products that provide a guaranteed income – either for life or for a fixed term.

† Source: Financial Conduct Authority

Watch this short video of people describing their experience when buying a guaranteed income. (Download the video transcript)

Tips before you shop around

If your existing pension provider offers a Guaranteed Annuity Rate it will be hard to match – be sure to ask about this and then compare quotes.

Buying a guaranteed income (annuity) is just one of several options you have for using your pension pot. See our Retirement income options tool to find out more.

Once you buy a guaranteed income you can't change your mind – get help or regulated financial advice before you commit. Find out more in next steps at the end of this tool.

Our promise to you

  • We are set up by government so our tables and results are unbiased
  • We don't receive any incentive or commission
  • We will not contact you or share your details

We help you search the following providers

  • Aviva
  • Canada Life
  • Hodge Lifetime
  • Just Retirement
  • Legal & General
  • Liverpool Victoria
  • Scottish Widows

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