Annuity
Enjoy the security of a guaranteed income for life
Compare the best annuity rates from leading UK providers
Trusted annuity broker for over 20 years
Flexible options tailored to your needs
Important information: The income your annuity pays depends on the value of your pension, your personal circumstances, and the options you choose. Annuity quotes are guaranteed for a limited time and rates can change regularly. This website provides information but not personal advice. For tailored guidance, visit Pension Wise or consider our financial advice service.
Important information: The income your annuity pays depends on the value of your pension, your personal circumstances, and the options you choose. Annuity quotes are guaranteed for a limited time and rates can change regularly. This website provides information but not personal advice. For tailored guidance, visit Pension Wise or consider our financial advice service.
What is an annuity?
An annuity is a retirement product offered by insurance companies that lets you convert some or all of your pension savings into a regular income guaranteed for life.
Competitive Rates
Compare the best lifetime annuity rates from the UK’s leading providers in one go.
Wide Choice of Options
Choose from annuities tailored to your retirement income needs and long-term financial goals - including those that support your spouse.
Dedicated support
Get expert help six days a week from our pensions helpdesk, and paid-for financial advice available if you request it.
Why choose HL?
Get advice on your retirement plans
Access dedicated support six days a week
The best annuity rates from the UK's leading annuity providers
Choose the right type of annuity for your financial goals
How to buy an annuity
Annuity quotes are only guaranteed for limited periods and rates may change. After purchase, there may be a short cooling‑off period, but after that it can’t be changed or cancelled, even if your circumstances change. Consider your options carefully.
Get a free quote online
Choose from the UK's leading annuity providers on the open market. Adding your health or lifestyle details could help you secure a higher income.
Call 0117 980 9940
If you're satisfied with your quote, call us (Monday to Friday: 8am-5pm and Saturday: 9:30am-12:30pm). We'll ensure you're getting the best deal and send you your application.
Return your application
Once processed, you'll start receiving your annuity income based on the options you selected when applying.
Annuity options
You can choose an annuity that pays a fixed income or one that increases each year to help protect against rising living costs. While increasing options start with a lower income, they offer better protection over the long term.
It’s important to consider how your spending needs may change in retirement, and whether it’s appropriate to build in features that continue to provide income for your spouse after you die.
For impartial guidance, you could also consider Pension Wise, a free government service for people aged 50 or over with a UK personal or workplace pension. They provide information on different pension types, how to access your pension savings and the tax implications of each option.
Is an annuity right for you?
An annuity could be suitable if:
You're age 55 or over
You want a guaranteed income for life,
You prefer a permanent income option that usually cannot be changed once set up.
Annuities essentials
Read more about annuity options.
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Annuity FAQs
Common questions about Annuities
Several factors influence your annuity income, including:
Pension size - The larger the portion of your pension you use to buy an annuity, the higher your income is likely to be. However, you may not want to lock all your pension into an annuity at once.
Annuity rates - These change regularly based on gilt yields and interest rate movements, directly affecting income levels.
Age, health, and lifestyle - older age and disclosed health or lifestyle factors (such as smoking or medical conditions) can qualify you for enhanced rates, potentially increasing your income. Even details like height and weight can make a difference.
Annuity type and features - You can choose options like income that increases over time, payment frequency (monthly or annual), joint-life payments, and guarantee periods, all of which affect your income level.
Annuities arranged through HL and our panel providers are covered by the Financial Services Compensation Scheme (FSCS). If HL or your annuity provider cannot meet their obligations, you may be eligible to claim compensation. The FSCS aims to transfer your annuity to another provider or secure a substitute annuity within compensation limits. If this isn't possible, compensation is paid up to 100% of the claim value with no upper limit.
This depends on your chosen annuity options:
A single life annuity without a guarantee period stops paying when you die.
A joint life annuity continues to pay income to your spouse or nominated beneficiary after your death.
A guarantee period ensures income is paid to your estate or beneficiaries for a fixed time after your death, even if you die early.
After receiving an annuity quote, the rates are guaranteed for a limited period only. Annuity rates fluctuate regularly, so they can rise or fall before you purchase. Once you buy an annuity, your income rate is guaranteed for the rest of your life.
Yes. This is known as an enhanced annuity. Providing accurate health and lifestyle information-such as height, weight, smoking status, or medical conditions - can increase your income, sometimes significantly.
There are several types to suit different needs:
Single life annuities pay income for your lifetime only.
Joint life annuities continue payments to a spouse or partner after your death.
Guarantee periods ensure payments for a set number of years, even if you die early.
Value protection pays out a lump sum if you die shortly after buying the annuity. You can also choose income that increases over time or stays level, and the frequency of payments.
You can access your pension in three main ways:
Buying an annuity (guaranteed income for life)
Moving money into drawdown (flexible income withdrawals)
Taking lump sums (one-off or multiple withdrawals)
Annuities provide the most secure lifelong income. Many people combine options to balance security and flexibility.