What is an annuity?
If you are looking for a guaranteed income for the rest of your life, then an annuity is currently the only product that can offer this. It is a financial product that you can purchase using your pension savings. The company that provides the annuity then gives you a known income, in return, every year for the rest of your life. For a quick explanation, why not take a look at this:
Is it easy to buy a guaranteed income for life – what are the options?
Yes – it's easy. An annuity will provide you with a guaranteed income for life, but there's some important information to think about so that you're well-informed and sure you're going to get the best possible offer, and income, when you do make that purchase.
To explain annuities in detail, we've created a whole section of information about annuities.
Our sister company, Just Retirement Solutions, offers an annuity comparison service that could help you make sense of your options.