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Annuities choices


You can use our tables to compare different pension lifetime annuities from a range of providers.

The tables won't recommend which financial product you should buy, so never buy a product just on the basis of what you see here. If you don't understand how the kind of product you're looking for works, or if you're not sure whether it's suitable for you, then get advice before coming back to the tables.

A few companies have chosen not to provide us with data, and these are detailed on the tables. We don't insist that very small companies give us information on their products.

So that we can give you the most useful information on annuities, please answer the following questions.


1. Are you:

               
Male Female

2. At what age do you intend to buy a lifetime annuity?

               
 

3. Are you a smoker?

               
Yes No

4. How much of your pension fund will you use to buy a lifetime annuity? Please enter the amount after taking off any tax-free lump sum you will take.

               
        

5. Do you want to see the rates for a lifetime annuity that is:

               
Single life? Joint life?

6. Do you want to see rates for lifetime annuities with a guaranteed term?

              
No guarantee
5-year guarantee
10-year guarantee

7. What age will your spouse or partner be when you take your annuity?

               

8. What level of income do you want your spouse or partner to receive when you die?

              
The same as your annuity income (100%)
Two-thirds of your annuity income (67%)
Half of your annuity income (50%)

9. How would you like to sort your results?

  

Useful info


If you want more information on how to use the tables, click on help using this site.

For queries about this website, please e-mail us at tables@fsa.gov.uk


Help for question 1

Annuity rates for men are slightly higher than those for women because, on average, women live longer than men.


Help for question 2

Annuity rates vary according to your age when the annuity starts. The older you are, the higher the annuity rate. The table can only show annuity rates for retirement ages between 50 and 74.




Help for question 3

Some annuity providers offer higher annuity rates to smokers because they are not expected to live as long as non-smokers. However, there is no standard definition of 'a smoker'. Click 'yes' if you want to see a table including rates that are only available to smokers.



Help for question 4

You can find out the value of your pension fund from your last pension statement. But you will get a more up-to-date figure if you ask your pension provider for an estimated final transfer value of your fund. Explain that you want the fund available to you under your open market option.

If you have used your pension fund to contract out of the State Earnings Related Pension Scheme (SERPS) or its successor, the State Second Pension (S2P), part of your fund will be ring-fenced to provide what are called 'protected rights' benefits. You have to buy a certain type of annuity with the protected rights portion of your pension fund. Your pension statement and the estimated value of your fund for your open market option will tell you how much of your fund relates to protected rights. You should deduct this amount from the value of your fund before using the annuity table.

You should also deduct any amount you want to take from your fund as a tax-free lump sum - this is a maximum of 25% of your fund in most but not all cases.

The tables only show annuity rates for pension funds of at least £2,500. If your pension fund is less than this, you should contact your pension provider or a financial adviser to discuss your options.




Help for question 5

With a single life annuity, your annuity income will be paid for as long as you live. When you die, the income stops. If you choose a joint life annuity, your spouse or partner will continue to receive an income after you have died for the rest of their life. A joint life annuity will pay out a lower monthly income than a single life annuity. If you are not married but have a partner, you should check with the annuity provider that the joint life annuity applies to unmarried as well as married partners.



Help for question 6

You can choose a guaranteed term. If you die before the guaranteed term is up, your annuity income for the remaining period of the guarantee will be paid to your spouse or your estate.

If you have chosen a joint life annuity with a guarantee and your spouse is under 60 when you die, they will continue to receive your annuity income for the rest of the guaranteed term. They will then receive the spouse's pension that you have chosen from the end of the guaranteed term for the rest of their life.

If you have chosen a joint life annuity with a guarantee and your spouse is aged 60 or over when you die, they will continue to receive your annuity income for the rest of the guaranteed term. They will also receive the spouse's pension that you have chosen from the time you die for the rest of their life.

A guaranteed term will reduce your annuity income by a small amount.


Help for question 7

Your spouse or partner's age will affect the amount of income you get from a joint life annuity. The annuity table can only show joint life annuity rates where your spouse or partner’s age when you retire is between 45 and 80. The table cannot show joint annuity rates if your spouse or partner is more than 10 years older or younger than you.




Help for question 8

You can select the level of income your spouse or partner would receive from a joint life annuity after you die. The table shows three choices:


  • the same income as you are receiving (100%);
  • two-thirds of your income (67%); or
  • half your income (50%).

The higher the level of your spouse’s income, the lower your income when you retire. If you are not married but have a partner, you should check with the annuity provider that their joint life annuity applies to unmarried as well as married partners. 'Spouse' includes a 'civil partner'.


Help for question 9

You can use the drop down box to choose how you would like to sort your results. You can also change this selection once you get to your results.