An annuity is a way to turn money in your ‘defined contribution’ pension savings into guaranteed retirement income for life, or for a fixed term of your choice.

You will have peace of mind when it comes to your finances because there won’t be any unexpected changes to your income. That’s because it won’t be affected by changes to stock markets or interest rates - unlike other investment-based retirement income solutions.

How much income you receive depends on the size of your pension pot, your age, the rate the annuity provider offers and whether you choose a lifetime or fixed-term annuity. Poorer health or lifestyle may also affect your income, potentially qualifying you for more with an enhanced annuity. Purchasing a pension annuity is something you can do from age 55 (rising to 57 from April 2028).

Annuity rates differ from provider to provider, so that means comparing rates and income levels from each one is crucial. It could add thousands of pounds to your pocket over the course of your retirement. Compare More’s selected annuity specialists will do this for you, ensuring you access the best available deal and guaranteed income.

At Compare More we gather quotes on your behalf from the UK’s leading annuity providers. To help us show you quotes to match your circumstances and needs, we need to know:

Your pension savings

The value of your pension fund will impact the income you receive from your annuity. We also ask whether you wish to take any tax-free cash before buying your annuity, as this also affects your income.

When do you plan to retire?

Your retirement date is when you want your annuity to start and should be within two years for the most accurate quote.

Your personal details

You’ll need to share details like your age, postcode, whether you smoke and if you have any medical conditions as these will affect your annuity income. We also need some contact details so we can get in touch with information about your quotes.