Annuity
An annuity is a product that exchanges some or all of your pension pot for a guaranteed income, for life or a set period.
Also known as: annuities
The income depends on your age, health and market conditions when you buy. Shopping around on the open market can give a higher income than your own provider's offer.
Once bought, an annuity usually cannot be changed, so consider the options and take guidance from Pension Wise.
Free, impartial guidance is available from MoneyHelper and Pension Wise. Be wary of any unsolicited offers about your pension or investments.
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