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An annuity converts your pension savings into a monthly or yearly guaranteed retirement income for you to live on (usually) for the rest of your life.

Important information

Please remember the value of your investments and any income from them can go down as well as up and you may get back less than the amount you originally invested.

All investments carry an element of risk which may differ significantly. If you are unsure as to the suitability of any particular investment or product, you should seek professional financial advice.

Laws and tax rules may change in the future without notice. The information here is our understanding in Januray 2018. This information takes no account of your personal circumstances which may have an impact on tax treatment.

Read our guide to Accessing your Pension Savings

How much will my annuity be?

Factors that can affect the income you’ll get from an annuity include:

  • Your age – usually, the older you are the higher your income will be

  • If you want your income to increase with inflation

  • If you want your partner to keep being paid an income after you die

  • Your health – if you are in poor health or there are things about your lifestyle that mean you might not be expected to live as long as some others (for example if you are a heavy smoker) you might get a higher income

  • Where you live (postcode)

Free guidance

The ’Pension wise’ guidance service is a free impartial government service for anyone thinking of accessing their pension savings. It gives you details of your options and guidance to help you make up your mind what to do. We remind you about Pension wise before your planned retirement age.

Pension wise

Need advice?

If you want someone to look at your individual circumstances and positively recommend the best option for you, it’s financial advice that you need.

Find a financial adviser in your area:


Alliance Trust Savings Limited is a subsidiary of Alliance Trust PLC and is registered in Scotland No. SC 98767, registered office, PO Box 164, 8 West Marketgait, Dundee DD1 9YP; is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, firm reference number 116115. Alliance Trust Savings gives no financial or investment advice.