Here are some frequently asked questions we've been asked about our annuities which you may find helpful before making your decision.
A Pension Annuity converts the pension fund you have built up over the course of your working life into a regular income that will be paid to you for the rest of your life.
Because it's paid to you for as long as you live, it's a kind of insurance policy to make sure you don't run out of money if you live longer than expected.
You can buy an annuity from the age of 55.
No. You can choose who you buy your annuity from - it doesn't have to be with the company that you used to build up your pension fund (this is known as the Open Market Option).
Yes, but it'll only be payable in the event of your death.
You can decide to use your fund so that a pension continues to be paid to your beneficiary.
A beneficiary is someone who is either married to you (including civil partners), your chosen beneficiary or someone who, in the opinion of the scheme administrator is financially dependent, or dependent due to disability on you, at the date of your death.
Possibly. We may be able to offer you an enhanced lifetime annuity if you're a smoker or suffer from certain medical conditions. Make sure you tell your financial adviser if you do smoke or have a medical condition as it could significantly increase your annuity income.
See our comparison table to help you decide which annuity product is best for you.
Call our UK-based advisers for more information or a quote:
0800 756 8840
Quoting offer code IELO
TextDirect: 18001 0800 756 8840
8.30am - 6pm Monday to Friday
If you're a Financial Adviser please call:
0800 169 1111
TextDirect: 18001 08001691111
We may record and / or monitor calls for training and audit purposes.
For guidance on your defined contribution pension we recommend Pension Wise, a free government service offering impartial guidance on your pension options.
To book an appointment call:
0800 138 3944
8am to 10pm everyday
Pension Wise won't recommend any products or tell you what to do with your money.