Retirement Line features in ‘eye-opening’ podcast on annuities

04 June 2025

Retirement Line’s Mark Ormston has appeared as a guest on the popular Making Money podcast. In an episode entitled ‘How to get a guaranteed income for life - annuities explained’, Mark and the podcast hosts explored issues relevant to anyone deciding whether an annuity makes sense for their pension income strategy.

Over a relaxed conversation of an hour or so, Mark and the Making Money podcast presenters talked at length about how annuities work. At the end of the episode, one of the presenters described Mark’s contribution as ‘eye opening’.

Why buy an annuity?

The underlying issue of why someone might choose to use all of their pension pot to buy an annuity for retirement income was discussed. Income certainty is perhaps the most popular driver behind choosing an annuity. Mark said: “There’s no other product out there that can guarantee [income from a pension pot] like an annuity.”

Another reason is simplicity, as Mark says: “A lot of people like to go for an annuity because it [retirement income] is taken care of. It’s all done, I’m going to get X amount of income, like a salary, for the rest of my life, and it’s done.”

Mark was also asked about the option of taking a ‘blended’ approach. He explained that this is where someone uses some of their defined contribution pension pot to buy an annuity to cover their regular day-to-day expenses, and invest the rest. That way, they would know that even if their invested money performs badly, their living expenses would still be covered by the annuity income.

Underpinning all of this was discussion of the recent increase in annuity rates, and how that has meant more income for people buying an annuity.

Annuity options

When asked about the different types of annuities, Mark explained that there is more choice and flexibility than people might think. As well as conventional lifetime annuities, he explained how fixed-term annuities work.

One use of a fixed-term annuity is to deliver a ‘bridging pension’. Mark explained how this works with an example: “I’m aged 63 now and I just want something [so I can] stop working or reduce my hours until my State Pension or defined benefits pension kicks in.” 

Other options include annuities with various types of death benefits, and inflation-linked annuities. These start out with smaller payments than a traditional level-income annuity, but payments increase each year, linked to inflation or at a fixed rate.

Mark also discussed an aspect of annuities that still surprises some people - enhanced annuities. These pay MORE income than a standard annuity if you have certain health issues or have made certain lifestyle factors.

Unlike most situations, having a medical condition or adverse health history can work in your favour in this instance. Enhanced annuity providers use details about your health and lifestyle to calculate a higher income, assuming you may not live as long as someone in good health.

Shopping around for an annuity

The podcast presenters were interested in how someone might buy an annuity. They asked: “Is there a Compare the Market for annuity providers, or do they talk to a broker?”

Mark explained that annuity brokers are there to help people compare annuity plans and providers: “I would say people probably benefit by speaking to an annuity broker to make sure they have understood their options correctly. It costs you nothing to get the quotes or have the conversation with an annuity broker.”

Retirement Line is the UK’s largest annuity broker* and offers an annuity quotes and information service where our Annuity Guidance Team compares the best annuity quotes available to you from the UK’s leading annuity providers. 

You can speak to our team today by calling freephone 0800 652 1316 or request a call back.

Only if we arrange an annuity for you will we be paid a commission from the provider, which is taken into account when calculating their annuity rate. 

The podcast is essential listening for anyone who wishes to invest an hour or so of their time in getting to grips with annuities. Listen to the ‘annuities explained’ episode with Mark Ormston here

About the Making Money podcast 

Here’s what the creators of Making Money say about their podcast content: “Learn how to build wealth - investing, pensions, the psychology of money - even things like how to get a pay rise. Hosted by the UK’s top personal finance YouTuber Damien Jordan and his best mate Timeyin Akerele, this is the financial education we wish we’d had. Our focus is on the big stuff, teaching the strategies and mindset shifts that can have a significant impact on your financial life.”