Conventional annuities
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What is a
conventional annuity?
Annuity providers
Compare the best rates the market has to offer from the UK's leading annuity providers.
How it works
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Tell us what you need
Fill out some simple and straightforward details about yourself, so that we can prepare your initial annuity quotes.
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Benefits and risks
Benefits
-
Secure income
With a lifetime annuity you can ensure you have a secure level of income for life, allowing you to budget more accurately. -
Enhanced rates
With an enhanced annuity, you could benefit from better rates and a higher income if you have qualifying medical conditions or lifestyle choices. -
Benefits for your spouse or partner
With an annuity, you could include benefits for your spouse or any nominated beneficiary on your death, if selected. -
No investment risk
You will receive a guaranteed income, which means there are no decisions to make about investments and no investment risk.
Risks
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Can't amend your annuity
It’s important to shop around for the best rate as once you have purchased your annuity, the contract typically cannot be changed. -
Value of your income may reduce
Inflation will reduce a level annuity over time and therefore reduce the real value of your future income. -
No option to invest
There isn't an opportunity to participate in future investments and therefore you won’t benefit from a growth in your pension fund. -
No death benefits for single-life annuity
A single-life annuity has no death benefits unless the appropriate option is included.
What customers say
Don't just take our word for it, hear what customers have to say...
Professional Service
My Annuity Specialists made it a very pleasant experience, with a professional service. Would recommend to anyone.
James Duckworth
Very Impressed
Very impressed with the service and wouldn't hesitate to recommend. My annuity specialists were both very professional and kept me updated each step of the way
Nigel Khan
10 out of 10
Very smooth and helpful. I was kept informed through the whole process. Also completed well within the expected timeframe. 10 out of 10 for service and information.
Holly Weston
Best value annuity
Secured me the best value annuity from my pension pot. Sorted all the organisation. The money started reaching my bank account at exactly the estimated time. The service was friendly, accurate, honest and helpful.
Tony Stamford
Better deal than I hoped for
Very pleased with the service and efficiency, and overall competence. Got a better deal than I hoped for and organised speedily with no hassle. Would recommend to anyone looking for a good deal.
Susan Walters
Better quotes than other agents
Plenty of advice given regarding different pensions available, and even spent time with me over enhanced quotes and better quotes than other agents.
Robert Newbold
Answering your questions
Still unsure of a few things? We've got you covered with a few simple answers to some of our most frequently asked questions.
A conventional annuity, also known as a standard or lifetime annuity, pays you a guaranteed income for the rest of your life, regardless of what happens to interest rates or investment markets in the future. They can be a good option for those looking for a safe way to receive a guaranteed income with their retirement savings.
The annuity rate you receive reflects the current market conditions when you take out your annuity.
When you buy an annuity, you cash in some or all of your pension in return for a guaranteed income in regular payments. The rate you receive reflects the current market when you take out your annuity, and unlike an enhanced annuity, assumes you have no particular health or lifestyle conditions.
A conventional annuity ends when you pass away unless you include a spouse, partner or dependent in a joint-life annuity; or include additional death benefits, where you can nominate a beneficiary.
A beneficiary is someone you've chosen, someone married to you (including civil partners), or someone who is financially dependent or dependent due to disability at the date of your death.
There are several options to ensure a beneficiary can still benefit from your pension savings or annuity income, in the event of your death.
Lifetime annuity options and features vary, and your choice will depend on your circumstances and your life expectancy. These options are a joint-life annuity, a guarantee period or value protection.
- A guarantee period ensures your nominated beneficiary or estate continues to receive your annuity income for a specific period, even if you die before the specified time ends. Selecting a guarantee period will typically provide a slightly lower level of income.
- A Joint Life annuity will pay you an income for the rest of your life and will continue to pay your chosen beneficiary for the rest of their life after you die.
- Value protection protects all or some of your annuity fund to pay a lump sum, which should be outside of your estate for inheritance tax.
You can find out if you're entitled to a higher income by answering some simple questions about your health and lifestyle. Some providers offer more competitive rates to those with specific health or lifestyle conditions, many of which are common in later life. These include high blood pressure, diabetes, obesity and even a history of smoking. Our selected annuity specialist has achieved higher incomes for over 85% of customers who purchased a lifetime annuity.
Our selected annuity specialist is so confident that you won't get a better deal elsewhere that they offer a Best Quote Guarantee. They'll send you a £250 Marks & Spencer voucher if you receive a better annuity quote on a like-for-like basis from any broker or provider direct. Terms and conditions apply.
Different providers offer varying options and rates, so you should shop around for the best deal. Our selected annuity specialist has established trusted and long-standing relationships with the UK's top providers, which means they can secure preferential rates on your behalf.
There are many different providers out there, and just because you’ve saved up for your pension fund with one or more providers, it doesn't mean you have to receive your retirement income from them. Use our annuity calculator for a quote today.
Get in touch
Call us today and a friendly annuity consultant will be on hand to help. Or request a callback and a member of the team will get in touch at a time that suits you.