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How to apply for an annuity

An annuity gives you a regular income in retirement. Here's how it works, and how you can apply for an annuity with HL. Remember, the earliest you can normally access money in a pension is age 55 (57 from 2028).

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Annuity summary

An annuity allows you to swap some, or all, of your pension savings for a regular income that’s guaranteed to be paid for life. 

How much you get will depend on certain factors. These include the rate being offered by insurance companies at the time, your age, health and lifestyle details. 

Like drawdown, you’re normally able to take up to 25% as a tax-free lump sum from your SIPP when you take out the annuity.

Before you apply

How to apply for an annuity with HL

  1. Get an annuity quote online or call us for help. 
  2. Provide your health and lifestyle details to see if you can get an enhanced annuity. 
  3. When you find a quote you’re happy with, call us to request an application.

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