Guide to taking an annuity

Turn your pension into a secure regular income for life

As you approach retirement, you'll have to start thinking about how you'd like to receive the money from any pensions you've been saving towards.

The most popular way of securing an income for life, regardless of how long you live, is by converting your fund into an annuity through your existing pension provider - or another provider. There are different types of annuity you can choose from, and once you've done so, you cannot usually change your mind. It is therefore important to shop around for the best option for you, and we recommend you talk to your pension provider or seek independent guidance before you make any decisions.

There are now also more options with how you take your money following pension changes introduced by the government in April 2015. But here we'll provide information on turning your pension into an annuity and the choices available to you.