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Retirement Line is the UK's largest annuity broker*.
*Equifax Touchstone pension income and annuity sales figures 2018-2020
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Written by Retirement Line
Page last updated: 11th November 2025
Getting your free annuity comparison is simple
If you would like help comparing annuities from the best annuity providers, Retirement Line is here to support you. As the UK's largest pension annuity broker*, we compare annuity rates and quotes from leading providers to help you secure the best income, while also offering guidance on which type of annuity best suits your needs – all with no obligation.
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.
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An annuity is one way to turn savings in a 'defined contribution' personal pension or workplace pension scheme into income. An annuity converts your pension pot into guaranteed income, either for life through a lifetime annuity or for a specified period with a fixed-term annuity.
Once your annuity is set up, the income you receive remains unaffected by fluctuations in interest rates or stock market performance. This ensures your income won’t fall if interest rates or investments perform poorly.
You can usually take out an annuity if you are aged 55 or over (57 from April 2028). A pension annuity comparison with one of our specialists can help you understand how different start ages affect your income, and which annuity options would suit you best.
As part of our annuity comparison service, 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:
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
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
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
|
Feature |
Lifetime annuity |
Fixed-term annuity |
|
How long does income last? |
Guaranteed for life – you’ll receive payments for as long as you live. |
Paid for a set term of your choosing. |
|
Can income levels change? |
Income can be fixed, or set up to start lower but rise in line with inflation or a fixed rate. |
Income can be fixed, or set up to start lower but rise in line with inflation or a fixed rate. |
|
What happens after the term? |
N/A – payments continue for life. |
Payments stop at the end of the term. You can arrange to get some money back at the end to use as you wish, such as buying another annuity or moving your remaining fund into drawdown. |
|
Impact of changes in annuity rates |
Income level is locked in at the time of purchase – rate changes won’t affect your income payments. |
Income is locked in for the term - changes in annuity rates would affect income from an annuity you set up once the term ends. |
|
Flexibility |
A lifetime annuity cannot typically be changed once arranged. |
Offers more flexibility and the freedom to revisit all of your options at the end of the term. |
|
Enhanced rates available on grounds of health/lifestyle |
Yes, you may qualify for enhanced income based on issues with your health or lifestyle choices. |
No, fixed term annuities are not available on enhanced terms. |
|
Death benefits (lump sum or income for a beneficiary when you die) |
Death benefits are not included by default, but you can choose to add them to your annuity. |
Typically included by default. |
Click here for your free, no-obligation annuity quote
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: You can typically take up to 25% of your ‘defined contribution’ pension pot as a tax-free lump sum. The rest can be used to buy an annuity, with income from the annuity subject to income tax. Read more about the tax-free lump sum rules here.
How often your annuity income is paid: Choose to receive your income monthly, quarterly, biannually or annually.
How long your annuity income is paid for: Choose between a lifetime annuity for guaranteed income for the rest of your life, or a fixed-term annuity pays out for a set period, after which you can explore other options.
Who it is paid to on your death: Options include joint-life annuities, guarantee periods and value protection to provide income or a lump sum to loved ones after you pass away. Read more about annuity death benefits here.
Protecting your annuity income against inflation: Choose an inflation-linked annuity to help maintain spending power, with payments that increase annually. Bear in mind that initial payments typically start lower than a level annuity. Getting an annuity comparison is important to fully understand the income difference you can expect initially. Read more about annuity inflation protection here.
Our friendly Annuity Specialists can guide you through comparing annuities so you can confidently choose the annuity options that suit your retirement goals.
Your annuity rate determines how much income you’ll receive from your pension. 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 rate also depends on your age and, if applicable, any health or lifestyle factors that might qualify you for an enhanced annuity. Comparing rates through a pension annuity comparison service can help you identify the best deal and maximise your retirement income.
As you approach the point where you can turn your pension savings into an annuity, your scheme may offer a plan based on their rate or another annuity provider. However, you could secure a higher income by comparing annuities from other providers. Annuity rates and fees vary, so shopping around gives you the best chance of a better deal.
This process of shopping around to compare annuities is known as exercising your Open Market Option – it’s your legal right to find a better deal for your retirement income. It’s something we specialise in here at Retirement Line, as we’ll compare the income you’ve been offered against quotes from leading providers.
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.
In September 2024 a report from retirement specialists Just Group confirmed that a healthy 75-year old could get up to 20% more income by shopping around, and 13% more at age 65. The gap could be even higher for people who qualify for an enhanced annuity on grounds of poor health or certain lifestyle factors.
There’s a simple way to compare annuity income without the hassle of contacting multiple companies. Just make a call to Retirement Line and we’ll explain everything, then run a detailed pension annuity comparison on your behalf.
Our service includes:
Enhanced annuity checks. We’ll see if your health or lifestyle could qualify you for a higher income.
Better deals. As the UK’s largest pension annuity broker*, we can offer preferential terms thanks to the volume of business we introduce.
Clear comparisons. You’ll be able to compare our quotes with the annuity income your pension provider has offered.
Zero pressure. Our annuity comparison service is completely without obligation and no fee to pay us. If you decide to go ahead, we’re paid a commission by the provider, already factored into the annuity rate you receive.
And for extra peace of mind, our Best Quote Guarantee gives you a £250 M&S gift voucher if you find a better like-for-like quote from another broker or provider¹.
Before you start comparing, it’s really important to consider your priorities and understand your options to ensure you get the right product for you. Here are some helpful tips:
Understand your annuity options. Take time to understand the different types of annuities available: lifetime, fixed-term and enhanced annuities. Our Annuity Specialists can take you through your options.
Know your priorities. Consider how often you want to receive payments, whether you want to include death benefits, and whether you want to protect your income against inflation.
Be honest about your health. Providers offer enhanced rates for lifetime annuities based on factors like smoking, health conditions and taking prescription medication. Be honest about your health and lifestyle to help secure a better rate.
Consider inflation. An annuity with level payments might start with higher income, but inflation can erode their value over time. Consider whether an inflation-linked annuity suits your long-term needs.
Look beyond the headline rate. Consider optional features like Guarantee periods, for instance, which can protect your income for loved ones if you pass away soon after purchasing the annuity.
Seek specialist guidance. Buying an annuity is often a one-time decision with lasting implications. Asking for an annuity comparison on your behalf can save you time and gain you access to preferential rates.
Remember, take your time when you compare your annuity options. Your annuity choice is one of the biggest financial decisions you’ll make, so make sure it aligns with your needs and goals.
Use our online pension annuity comparison tool
For a free, no-obligation pension annuity comparison, try our free annuity calculator 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 deals and secure you the best available retirement income.
Why do I need to compare different providers’ annuity rates?
Annuity rates can vary significantly between providers, which means the income you receive in retirement could differ substantially depending on your choice. When you compare annuities, you maximise your chances of securing the best deal for your circumstances, potentially increasing your retirement income by thousands over time.
Retirement Line simplifies this process by obtaining quotes from the UK's leading annuity providers, ensuring you have access to competitive rates.
Where else can I get information about my retirement income options?
For free, impartial guidance on all of your retirement income options, Pension Wise is an excellent resource. This government-backed service offers free appointments, either online or by phone, to help you understand your retirement income choices.
You can visit their website at Pension Wise to book a consultation, or read our guide to Pension Wise to understand more about what they do.
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Retirement Line Limited is Authorised and Regulated by the Financial Conduct Authority, FCA No. 726601. Retirement Line Limited is registered in England and Wales, registration No. 6976976. Registered Office: 52 Forder Way, Hampton, Peterborough, PE7 8JB
*Equifax Touchstone pension income and annuity sales figures 2018 to 2020. Matrix Financial Solutions Inc annuity sales figures 2021 to 2023.
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