Is it right for you?
In most cases you have options for how you use your pension from age 55 onwards. Buying an annuity that pays a guaranteed income is one of them.
Cover your everyday costs
Being able to maintain her day-to-day lifestyle was top priority for Susan. She worked out the monthly cost of all her bills and commitments and found she could buy an annuity that would cover it, paying her a monthly amount she could rely on. She chose the option to have her annuity income increase annually with inflation for extra security 1.
Worried about running out of money?
Having received a salary all his adult life, David’s biggest fear was running out of money when he stopped work. He looked at all his options and decided that an annuity that gave him a predictable, monthly income for the rest of his life was what he needed to put his mind at ease and to keep his independence 1.