Guaranteed Annuities

It is important to know that you can buy your annuity from any provider and you do not have to use the company that you were saving for your pension with. It is also possible to combine your pension pots with one annuity provider so that you receive one regular payment.

The amount of income you can receive will vary from one annuity provider to the next, so it is always a good idea to shop around to get the best rate. This is known as the ‘open market option’. By choosing another company to pay you your income you may increase the amount you receive by 10% per year.

To find the best annuity you should first speak to your financial adviser or you can research which company has the best annuity rates by looking in the financial pages of the national press or at the FSA website.

Additionally you can significantly increase your income still further if you qualify for an enhanced annuity. You may qualify for an enhanced annuity if you (or your partner/spouse for joint policies) are:

not in the best of health;
have suffered from illnesses in the past;
a smoker; or
being treated for high blood pressure or cholesterol.

To see if you qualify for a higher income or if you require anymore information, please call our Annuity Support Team on 0845 3303486 between 9am.to 5pm. We can normally provide you with a quote over the phone.

Page last updated October, 2009 ID 3275