You'll be supported by our customer service team. We'll take you through the transition from having a pension pot to receiving an income - smoothly and easily.

You can buy an annuity with the money you have saved in your pension. We can help you shop the open market via our annuity panel. We’ll get you instant quotes from leading annuity providers.
The amount of income you receive depends on a number of things like your age, your residential postcode, the size of your pension pot, your health and lifestyle and annuity rates when you take your retirement benefits.

You'll normally also have the option to receive a tax-free lump sum of up to 25% of your pension pot.


  • A guaranteed income to suit you

    You can build in options to help you find a retirement solution that’s right for you. Choosing more options will reduce your income.

Here are some of the options:

  • Provide for your loved ones

    You could choose an annuity that allows you to provide for your partner, dependant or other nominated beneficiary should they outlive you. We call this “fixed for two”. This normally provides a lower level of income as it’s designed to pay out for longer.
  • An income that competes with rises in the cost of living

    Your income will increase each year by a fixed percentage or in line with the Retail Price Index.
  • Guaranteed payments for a set period of time

    If you die within that time,payments will continue to the end of the guarantee period.
  • Get higher income for poor health

    If you smoke, are on medication or have a medical condition you could qualify for a higher guaranteed income (enhanced annuity). These tend to pay a higher income because they expect to pay out over a shorter time.

Remember, building in more options will reduce your income.

Other things you can do:

  • Shop around

    Remember that you don't have to buy your annuity from our panel. You can research and shop around the open market yourself. This could improve your retirement income as annuity options and rates may vary between providers. Visit the Money Advice Service website for a free and independent guide to shopping around for your annuity.

    To apply call  0345 279 8897

    Call charges will vary.

Income tax

The income you receive will be taxed under the Pay as You Earn (PAYE) system.

You can find out more on the HM Revenue & Customs website.

Laws and tax rules may change in the future. The information here is based on our understanding in April 2018. Your personal circumstances also have an impact on tax treatment.