Lifetime Annuity
A lifetime annuity guarantees a secure, stable income for the rest of your life, regardless of how long you live.
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Lifetime Annuity
A lifetime annuity pays a guaranteed income for as long as you live. It’s simple, predictable, and often used to cover day-today essentials. Many retirees combine it with drawdown or savings for additional flexibility
Pros
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Income guaranteed for life – no matter how long you live.
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Options for joint-life cover, value protection, and inflation increases.
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Straightforward setup and minimal ongoing management.
Cons
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Once purchased, an annuity can’t usually be changed or cancelled, and rates depend on market conditions at the time of purchase.
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Adding inflation protection or joint-life cover reduces the starting income.
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If you choose a level income, inflation may erode the spending power of your payments over time.
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Inflation may erode the spending power if a level income is taken.
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Frequently Asked Questions
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A private pension (or personal pension) is a retirement savings plan you arrange yourself. You make contributions, receive tax relief, and your provider invests the money to help it grow. It sits alongside, or instead of, a workplace pension.
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