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UK annuities comparison

An annuity involves paying a lump sum from your pension fund to an annuities provider, who'll convert it into an income for you for the rest of your life. It’s important you get the best deal you can as once your annuity is set up, no changes can be made to it. The income you'll receive from your pension will depend on a number of factors such as your age, health, the size of your pension fund, the annuity options you select and the rates on the day you buy it. You might also want to receive some of your pension as a tax-free cash lump sum. With the rising age of pensions and more and more advisers in the market, it can be daunting when searching for advice on how to approach or plan for an annuity.

People have immensely different needs when it comes to things like an annuity so annuity quotes should be searched for from as many sources as possible. Whether you’re looking for a standard, smoking or impaired health annuity, Quotezone can help. Fill in a short form about the fund amount, your planned retirement age and a few personal details and we will pass your details onto an independent adviser. They will then contact you and provide independent advice on setting up an annuity and available deals in the market. It's fast, free, without obligation and secure.

Annuity Types

Pension Annuity Rate
The annual retirement income paid to you by an annuity provider is termed the pension annuity rate. These may be different for men and women of the same age due to life expectancy.

Compulsory Purchase Annuity
An annuity taxable as earned income and is bought from a pension scheme.

Purchased Life Annuity
An annuity that is taxed at a lower rate than a Compulsory Purchase Annuity due to it being bought with a person's own capital.

Level annuity
The purchase price is paid to the insurance company and the income starts immediately and is paid for the lifetime of the annuitant. The income is level at all times and does not take inflation into account.

Increasing annuity
This can either increase by the change in inflation for the rest of your life or rise by a specified percentage each year.

Joint-life annuity
A joint life annuity gives your partner some or all of your continuing income if they outlive you.

Impaired Health Annuity
If you contribute to a UK pension fund and have certain health problems, you may qualify for an impaired life annuity, which is designed for people whose life expectancy is reduced.

Deferred annuity
A single payment or regular payments are made to an insurance company, but payment of the income does not start for some months or years. This may be suitable for an investor funding for retirement or school fees.

Temporary annuity
A lump sum payment is made and income starts immediately, but only for a specified period, e.g. 5 years. Payments finish at the end of the fixed period or on earlier death.

Guaranteed annuity
Income is paid for the annuitant’s life, but in the event of early death within a specified period, the income is paid for the balance of the guaranteed period to the beneficiaries.

Investment-linked annuity
If you have a larger pension fund, you may prefer to invest it in the stock market. This means that your annual income is dependent on the success of your investment.