What Exactly is an Annuity?
An annuity provides you with a guaranteed income for life in return for a lump sum payment. You hand over a chunk of your pension savings to an insurance company, which then pays you an income until you die (or until your surviving spouse dies, if you choose this more expensive option). The amount you get depends on your age and health. The younger you are, the less you’ll get as you’re likely to be in receipt of your annuity payments for longer.
Your income can be fixed or you can pay for it to increase in line with inflation. Opt for the latter, and your payments will be lower to start off with but will increase steadily each year. The longer you live, the better value an index-linked annuity becomes. You can see the sense of a retirement annuity. It means you’re going to have an income for life, no matter how long you live.
That’s why annuities were for so long a required purchase at retirement – the government didn’t want people running out of money in their retirement. The actual rate you will be offered by an annuity company depends on your life expectancy and on the yields available on long-term government bonds, or gilts.
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