More certainty.
More room for
life after work.

No. You can use part of a defined contribution pension to buy an annuity and keep the rest for other retirement options. The right balance depends on your income needs and circumstances.

Some retirement plans offer guaranteed income for a chosen number of years, a guaranteed lump sum at the end of that term, or a combination of both. Any additional bonuses are not guaranteed. Available terms and eligibility depend on the product and your pension arrangement.

The guarantee lasts for the agreed term, so you will need to plan how to fund retirement afterwards. Future annuity rates and the income available at that point are not guaranteed. Death benefits and early cash-in terms vary, and you may receive less than the amount invested if the plan ends early. We’ll explain these conditions before you decide.

Yes. You can use part of your pension to buy an annuity that provides guaranteed income, while leaving the rest invested in drawdown for flexibility. The annuity guarantee comes from the insurer issuing the policy. Ordinary drawdown does not guarantee your income: investments can fall in value and withdrawals can exhaust your pension.

Some existing retirement arrangements include contractual income guarantees. These have their own charges, conditions and restrictions and may no longer be available to new customers. We’ll review any benefits you already hold before recommending a change, as transferring or withdrawing money could mean losing them.

A level annuity usually starts with a higher income, but inflation reduces its spending power. An increasing annuity starts lower and rises according to the option chosen, which may be a fixed percentage or linked to inflation. We’ll help you compare how each could meet your needs over time.

It is worth comparing offers. Before moving anything, check whether your existing pension has valuable guarantees or benefits. Our advice considers these alongside other available options.

Yes. Certain health conditions and lifestyle factors may lead to a higher income through an enhanced annuity. Accurate, complete information is important. A higher income is not guaranteed.

This depends on the options you choose. A joint-life annuity can continue paying an agreed proportion to a surviving partner or other eligible dependant. Other protections may also be available. These normally reduce your starting income.

Some annuities allow an adult child to be the second person covered, subject to eligibility. Minimum-age and financial-dependence requirements vary by provider and product, so this option is not available for every child or every annuity.

You must select this option when setting up the annuity. It can continue an agreed proportion of your income to your child after your death, for the rest of their life, and will normally reduce your own starting income. We’ll check the eligibility requirements and compare the available options with you.

We’ll discuss your retirement plans and what you would like help with, then explain the next steps. The initial consultation is free. If you decide to take advice, ask us to explain the applicable fees before proceeding.