Our retirement options

Your retirement options

Your options

Whether you are looking for the assurance of a guaranteed income in retirement or more flexible ways to take an income from your pension, we'll help you understand your options.




What’s an annuity?

You can buy an annuity with your pension savings to provide you with a guaranteed income for life.

Once you have bought an annuity it cannot be changed.  It’s therefore important to understand the different annuity options to help you choose what’s right for you.  For example:

  • Do you want your pension income to pass to your family after your death?
  • Do you want a fixed income or one that changes over time to reflect changes in the cost of living?
  • Do you have any health problems which may mean you qualify for extra income?

Your answers will help you get the best possible annuity, taking account of your needs now and in the future.

It can pay to shop around

You don’t need a Standard Life pension to take an annuity with us.  You can use your pension money to buy an annuity from any provider.  By shopping around you may be able to improve your retirement income.

If you don’t find what you are looking for from us we may be able to shop around for you using our panel of annuity providers.


Call us on 0845 279 8897


With Standard Life Income Drawdown you’ve got much more control over your pension income. It’s the most flexible way to take your pension benefits.


Flexible income


Suitable if:

  • You want to keep on paying in to your pension plan
  • You want to decide how much income you take from your pension
  • You want to take your tax-free lump sum now and think about buying an annuity later

More on Income Drawdown


 Important note

Laws and tax rules may change in the future. The information here is based on our understanding in August 2013. Your personal circumstances also have an impact on tax treatment.

2014 Budget update - annuities and pensions

On 19 March, the Chancellor announced major changes to UK pensions and annuities.

Find out if you qualify for extra retirement income

Find out if you qualify for extra retirement income

Call us on 0845 606 0027

Are you an existing Standard Life pension customer about to retire? If you have health problems or are a smoker you may be eligible for extra retirement income with our new Enhanced Annuity. Call us for a quote today.