Our Pension Annuity

Giving you a guaranteed income for life

Our Pension Annuity pays you a regular income for as long as you live. You'll know exactly how much you're getting, come rain or shine.

Get a quote with us and we won't only tell you how much income we can offer on our current annuity rates. We'll also let you know if you can get a better income elsewhere.

  • An income for life

    No matter how long your retirement, the income from your Pension Annuity will provide an income for life.
  • A fixed or increasing income

    You can choose a fixed income that always stays the same or set your income to increase every year to help you keep up with inflation. It can increase by a set percentage or in line with the Retail Price Index (RPI). It’s worth remembering that the higher the increase you choose, the lower your starting income will be.

  • Payment options

    You can choose monthly or yearly payments and you can select to be paid at the start (in advance) or at the end (in arrears) of the month or year you’ve selected.

  • Options to support your dependants

    You can continue to have your payments paid to a loved one after you die by choosing either 50%, 67% or 100% of your income.

  • Guaranteed minimum payment period

    You can guarantee to have your income paid for a certain amount of time – up to 30 years – once your annuity starts. If you die during this time, we’ll continue to pay your income to anyone you choose until the end of this period.

  • Choose to protect all or part of the amount used to buy your annuity.

    When you die we'll pay a lump sum for the amount protected, minus any income payments already made. You can protect 25%, 50%, 75% or 100% of the original amount used to buy your annuity.

    Full details on these features are in the Key Features document

    The options you choose will affect the amount of income you receive.



  • Am I eligible for an annuity?

    You must be aged 55 or over and have at least £5,000 to buy an annuity from your pension pot or drawdown plan after you’ve taken your tax-free cash.

  • I want an income for life

    If you want an income that lasts you through your retirement life, then this product may be for you.

  • I need to support my dependant(s)

    If you want to pass some income to a loved one when you die, this product may be for you.

  • I want security from risks

    Your annuity income is guaranteed for life and isn't affected by performance of investment markets or the economy. 

  • I have some health risks

    If you have any medical conditions or lifestyle risks then you could get a higher income, with an ‘enhanced annuity’. When getting a quote online there is a section to capture these details. This also applies to your partner and could mean you receive a higher income.

  • Once agreed, it can't be changed

    You'll need to be certain of the choices you make - there's no going back once the cancellation period ends.

  • No cash-in value

    The Pension Annuity can’t be cashed in or surrendered.

  • Your income is taxable

    Income above your personal allowance is taxable. It may also affect any means-tested benefits you might receive. The amount of tax you pay on income from the plan will depend on your circumstances, and may change based on your income tax rate.

  • You may get back less than you paid

    Depending on how long you live and the options you choose, you may receive less in income payments than the amount of the pension pot you used to buy the Pension Annuity.

  • Enhanced annuities: Health details matter

    When providing your information it’s important to share accurate personal health information with us, as this may help provide you with a higher income. We may ask for a report from your doctor to confirm information you've given us. Your income may be changed if we find the report doesn't match your application.

When you purchase an annuity with us, we aim to make the process simple, clear and jargon free. It can take as little as 15 minutes to get a personalised quote with us. You can save your quotes and come back later once you've shopped around. You can also complete your application online.

Here’s a summary of the process you’ll follow if you quote and apply for our annuity online.


  • Before you start

    We’ll run through some questions and considerations to make sure you’re ready to get a quote online.

  • About you and your pension pot

    We’ll ask some details about you and about any pensions you’d like to use to get a quote. We’ll also ask if you’d like to include your partner on any quotes.

  • Choosing a guaranteed income product

    As well as getting a quote for our Pension Annuity, you can also quote for our Fixed Term and Cash-Out Retirement Plans. You’ll be able to get multiple quotes on different products to see how the different options affect your level of income.

  • Health and lifestyle (Enhanced Annuity)

    If you chose to get a quote for our Pension Annuity we’ll ask you about your health and lifestyle. If you have a health or lifestyle condition, we might be able to pay you a higher income (known as an Enhanced Annuity).

  • Get multiple quotes

    You'll be able to select different options to see what income you could get and create multiple quotes to compare what these look like. Unless we tell you otherwise, the quote you choose is guaranteed for 40 days.

  • Compare annuity incomes

    We can tell you if our Pension Annuity is the best quote available, or if you could get a higher income by shopping around, by carrying out a confidential and anonymous market comparison for you. If we find better deals available for you, you also have the option of seeing who is offering this by visiting our partner website Annuity Ready.

  • Shop around

    It's important to shop around and get as much guidance and advice as you need before you make any decisions.

  • Buying an annuity

    When you’re ready you can apply online.

Ready for a quote?

You can get an immediate quote online, for our Pension Annuity product.

Why not get a free personalised quote, and look at other products available as part of your shopping around. Other providers may have more appropriate products or be able to offer a higher level of retirement income.

Continue to quote

Need some help?

Making well-informed decisions about how to finance your retirement is important so it’s worth shopping around and using available guidance and advice, before you buy. Other providers may have more appropriate products or be able to offer a higher level of retirement income.

Retirement guidance

Pension Wise from MoneyHelper

The government’s free and impartial service, offering guidance to make money and pension choices clearer.

To find out more or book an appointment online click below or call.

0800 138 3944
8am to 6.30pm, Monday to Friday.
Calls may be recorded and monitored.

Speak to us

Our colleagues in Cardiff are always happy to answer your questions or help you apply for a quote.

0800 048 2446

Monday to Friday
9am to 5pm
We may record and monitor calls.

Retirement advice

Retirement Advice Service from Legal & General

Our advisers are experts in retirement regulated by the Financial Conduct Authority, so you can trust them to provide impartial advice and a personal recommendation that’s right for you.

0808 304 9155

Our team is available between 9.00am and 5.00pm, Monday to Friday. Calls may be monitored and recorded.