Compare guaranteed income products (annuities)

You can use all or part of your pension pot to buy a guaranteed retirement income (also known as an annuity). The income can last for the whole of your life or for a fixed term.

You can use our comparison tool to search the market to help you see how much income you could get from a guaranteed income for life, or fixed term. It will show you how all the providers on the market compare. However, please be aware that not all of them allow you to buy a guaranteed income with them directly, or without advice.

terms and conditions
Annuity Options

Choose a guaranteed income for life (a lifetime annuity)

Provides a regular income for life in return for a lump sum – with the guarantee that the money won't run out before you die.

Choose a guaranteed income for life (a lifetime annuity) Suitable if:

  • you want the certainty of receiving regular payments throughout your life
  • you want to provide an income for someone else after you die

Choose a guaranteed income for life (a lifetime annuity) Not suitable if:

  • you want access to your pension pot before you die
  • you want more flexibility about how much to take as income and when
Or

Choose a guaranteed income for a fixed term (a fixed term annuity)

Provides you with a guaranteed income for a set number of years with an option to get money back at the end of the term.

Choose a guaranteed income for a fixed term (a fixed term annuity) Suitable if:

  • you want set regular amounts over a period of your choice
  • you want money back at the end to buy another retirement product or for another reason

Choose a guaranteed income for a fixed term (a fixed term annuity) Not suitable if:

  • you want to draw cash from your pension pot as and when you choose
  • you want an income guaranteed for life

It pays to shop around

According to a 2019 Which? report, shopping around for an annuity can increase an individual's retirement income by up to 20%.

Your pension provider may have provided a link to us. That's because the regulator for financial services - The Financial Conduct Authority - requires all pension providers to help customers easily identify if they could be getting a better deal by shopping around. Here you can compare products that provide a guaranteed income – either for life or for a fixed term.

If you are considering purchasing an annuity you would be best placed seeking professional financial advice or using a broker. Whichever route you choose, including going direct, you are likely to have to pay a fee and many independent advisers and open market brokers can often get slightly better rates or offer lower fees than going direct yourself. Not to mention they can help with all the paperwork. See our guide on shopping around. (Opens in a new window)

Watch this short video of people describing their experience when buying a guaranteed income. (Download the video transcript) link downloads a PDF

Tips before you shop around

If your existing pension provider offers a Guaranteed Annuity Rate it will be hard to match – be sure to ask about this and then compare quotes.

Buying a guaranteed income (annuity) is just one of several options you have for using your pension pot. Find out more in our guide Options for using your pension pot.

Once you buy a guaranteed income you can't change your mind – get help or regulated financial advice before you commit. Find out more in next steps at the end of this tool.

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We help you search the following providers

  • Aviva
  • Canada Life
  • Just Retirement
  • Legal & General
  • Liverpool Victoria
  • Scottish Widows
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