Skip to main content Skip to main navigation Accessibility Statement

We're changing to MoneyHelper

Money Advice Service will soon become MoneyHelper, the easy way to get free help for your money and pensions.

Coronavirus Money Guidance - Get free trusted guidance and links to direct support

Visit our support hub

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.

terms and conditions
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.

Choose a guaranteed income for life (a lifetime annuity) 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

Choose a guaranteed income for life (a lifetime annuity) 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
Or

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.

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

Choose a guaranteed income for a fixed term (a fixed term annuity) 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) link opens a Word DOC in a new window

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
  • Just Retirement
  • Legal & General
  • Liverpool Victoria
  • Scottish Widows

Web chat

Sorry, web chat is only available on internet browsers with JavaScript.

Got a question? Our advisers will point you in the right direction.

Open:

  • Monday to Friday, 8am to 6pm
  • Saturday, 8am to 3pm
  • Sunday and Bank Holidays, closed

Unavailable

Compare guaranteed income products (annuities) - WhatsApp Logo WhatsApp

  • Need help sorting out your debts, have credit questions or want pensions guidance?
  • Add +44 7701 342744 to your Whatsapp and send us a message.
  • For everything else please contact us via Webchat or Telephone.

Contact Us

Open:

  • Give us a call for free and impartial money advice.
  • 0800 138 7777

  • Typetalk: 18001 0800 915 4622
  • Monday to Friday, 8am to 6pm
  • Saturday, Sunday and Bank Holidays, closed