Pension Income Calculator

What is an Annuity?

An annuity is a long-term Insurance plan that offers a guaranteed income for the rest of your life. When you reach pensionable age (currently 55) you can purchase an annuity with the funds you have built up in your pension.

Facts About Annuities

  • Converts your pension savings into a regular income for life.
  • There are many types of annuities for you to choose from based on your needs.
  • You can usually take 25% of your pension income as a tax-free lump sum when you purchase an annuity.
  • The regular income payments will depend on the type of annuity you choose and factors including your age, health, size of pension fund and agreed annuity rate.
  • Annuity income is taxed as income at your marginal rate

18 out of 10 people could benefit from shopping around.

Pension Advice Service

We offer advice on the full suite of retirement options including Lifetime AnnuitiesFixed Term Annuities and Flexible Access Drawdown. We will explain your options in a clear and simple manner and provide you with whole of market quotations based on both your current situation and plans for the future.

 

Find out how much income you could get with an annuity?

Speak to one of our pension experts who will explain your options clearly and provide a personalised annuity quote

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1Research shows that 8 out of 10 people would have benefited from switching providers (Financial Conduct Authority, Thematic Review of Annuities, Feb 2014) pension wise (www.pensionwise.gov.uk)

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