Compare Pension Annuity

Helping you to compare annuity rates and products from leading providers

 Written by the Retirement Line Team

Getting your free annuity comparison is simple

If you would like help to compare annuities from the best annuity providers, Retirement Line is here to support you. As the UK's largest pension annuity broker*, we assist thousands of people each year with their annuity comparisons. 

We can compare annuity rates and quotes from leading UK providers to help secure you the best rate and income, at no obligation to you. Our Annuity Specialists also provide information to help you decide which type of annuity best meets your needs.

To compare annuities and see how much retirement income you might receive, try our free annuity calculator. If you’d prefer to speak to one of our Annuity Specialists, simply call 0800 652 1316 or request a call back. They’ll be able to talk you through your pension annuity comparison and help you choose the best annuity for your needs.

Use our free annuity calculator

On this page:

• ✔️ Compare lifetime or fixed term annuity
• ✔️ You have a choice of different options
• ✔️ Are you eligible?
• ✔️ What is an annuity rate?
• ✔️ Why it’s important to compare annuities
• ✔️ How can I compare annuities?
• ✔️ Use our online pension annuity comparison tool

Compare annuities for lifetime or fixed term income

Retirement Line provides annuity quotes for a range of annuities from the UK’s leading annuity providers. We offer three main types of annuity that you can choose from:

• Conventional lifetime annuity – this pays you a guaranteed annuity income for life. You can choose to take your income as a fixed amount for life, or for your payments to increase over time. They are also often referred to as a traditional annuity or a standard annuity. Read more about conventional lifetime annuities here

• Enhanced lifetime annuity – this pays you a higher guaranteed annuity income for life if you have a qualifying health or lifestyle condition. Hundreds of illnesses including diabetes and high cholesterol can secure you more income, as can a history of smoking or drinking. Read more about enhanced lifetime annuities here

• Fixed term annuity – this pays you a regular annuity income for a fixed period of time. It may be an option for those who don’t wish to commit to a lifetime annuity at the moment.  Read more about fixed term annuities here

Click here for your free, no-obligation annuity quote

You have a choice of different annuity options too

You can tailor these different types of annuities with a range of options to suit your needs. Some may mean you receive less income each month. But in return, they provide benefits such as income for your loved ones when you pass away.

Take a look at the annuity options that are available to you when you arrange an annuity. They include options for:

• Taking a tax-free cash lump sum

• How often your annuity income is paid 

• How long your annuity income is paid for 

• Who it is paid to on your death

• Protecting your annuity income against inflation

Are you eligible for an annuity?

If you have saved at least £2,000 into certain types of pension scheme, you should be able to take your benefits from age 55. You can use your pension savings in private pensions and some workplace pension schemes to buy an annuity, securing a guaranteed income unaffected by interest rates or market changes.

You don’t need to do anything at age 55, or even when you retire. You may decide to leave it until later as that will normally increase the level of regular income you’ll receive. However, there can be a cost of delay if you wait, through loss of income in the deferred period, and you may therefore receive less money in the long run.

What is an annuity rate?

The annuity rate offered by your chosen annuity provider is one of the factors that determines how much income you receive. Annuity providers typically link the rate they offer to the yields of long-term government bonds/gilts. These yields are linked to the Bank of England base rate, and when yields rise, annuity rates are also likely to rise.

Your personal annuity rate will also depend on your age. You’ll generally get a larger annuity rate as you get older. Adverse health or lifestyle factors may also qualify you for a higher rate with an enhanced annuity. Our Annuity Specialists will be able to check this for you as part of the service.

Why it’s important to compare annuities

As you approach the point where you can turn your pension savings into an annuity, your pension scheme may contact you to offer you an annuity plan. The income they would pay is based on their own annuity rate, or the rate from the annuity provider they have partnered with.

However, you may find a better rate and more income if you compare annuities from other providers in the market. Annuity rates and fees vary between providers, so shopping around will give you the best chance of securing a higher income. 

Buying an annuity might be something you do just once in your lifetime, so it’s important to get the best deal through a pension annuity comparison. Make the wrong choice, and it could cost you thousands over the course of your annuity or lifetime. 

This issue was raised by the Financial Conduct Authority in 2016. It reported that ‘80% of people who purchased an annuity via their pension provider could have received a better deal from another provider’.

How can I compare annuities?

There’s a simple way to compare annuity rates without the hassle of contacting multiple companies. Make just one call to Retirement Line and we can explain everything to you and run a detailed annuity comparison on your behalf.

This service includes checking if you qualify for an enhanced annuity rate based on your health or lifestyle. As the UK's largest pension annuity broker*, we also offer you access to preferential terms due to the volume of annuity business we introduce. You’ll be able to compare these quotes with the annuity income your pension provider is offering you. 

Remember, Retirement Line’s annuity comparison service is provided without obligation. If we arrange an annuity for you, we will be paid a commission from the provider which is taken into account when calculating their annuity rate. 

For your added peace of mind, our Best Quote Guarantee earns you a £250 M&S gift voucher if you receive a better annuity quotation on a like-for-like basis directly from another broker or provider¹.

Use our online pension annuity comparison tool

For a free, no-obligation pension annuity comparison, try our free annuity calculator. It takes just a moment or two to complete, but will mean you’ll be able to compare annuities from leading providers in seconds.

If you’d prefer to speak with an Annuity Specialist directly, you can call us on 0800 652 1316 or email us at info@retirementline.co.uk. We’d be delighted to work hard on your behalf to compare annuity rates and secure you the best available retirement income.

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¹ Terms & conditions apply