Pension annuity
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A regular retirement income
A pension annuity gives you a guaranteed income when you retire. With a Legal & General annuity, you can choose for it to continue to pay your loved ones when you pass away.
Buy from one of the UK's biggest annuity providers
Over 1 million customers use Legal & General for their annuity income, making them one of the UK's biggest annuity providers.
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Get a quote and apply for a pension annuity. You just need to provide some basic details around your pension savings and any health conditions.
What’s a pension annuity and how does it work?
An annuity’s one way to take your pension when you retire. It pays you a guaranteed regular income for the rest of your life. The amount you receive is determined by your annuity rate. You can also mix an annuity with pension drawdown. So, you could use part of your pension to purchase an annuity and leave the rest invested to draw down from as and when you choose. This way you combine the predictability of an annuity with the flexibility of drawdown.
How is my pension annuity income calculated?
The final annuity income you get can depend on things like your age, health and where you live. Generally, the older you are, the higher the annuity rates you'll be offered. You're also likely to be offered a higher income if you have a shorter life expectancy for other reasons like being in poor health or if you’re a smoker. To get a rough idea of what you might receive from an annuity, you can use Legal & General's Retirement Income Calculator.
Things to consider before buying an annuity
What you want from retirement
Whether that's finishing work early, travelling more, or simply having enough. Figure out what your retirement actually looks like, and what it might cost.
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Your pension options
From workplace pensions to personal ones, it can feel overwhelming. See a breakdown of your choices in plain English so you can pick what works best for you.
Learn moreGet a free quote today
It's always a good idea to compare annuities from different providers to find the one that suits you best. If Legal & General don't offer you the best annuity rate, they'll offer the option to run a whole-of-market comparison for you, to ensure you get the best retirement outcome.
Depending on your health or medical history, you might be entitled to an enhanced annuity, which typically offers higher annuity rates. For example, if you have a long-term health condition that reduces your life expectancy. If you're not sure about your retirement options or whether an annuity is right for you, you might want to consider getting independent financial advice.
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