DIY annuities
Please note: We would suggest you're
really best off talking to an
IFA who specialises in annuities.
However here are some of the basics
if you do decide to arrange it yourself.
The price for annuities changes daily and there is a wide variety of deals being offered at any one time.
If you do it yourself, what you're basically looking for is a pension provider who will give you the best price for the particular annuitiy you need.
Comparison tables are published regularly in the national press but for the full spectrum see Money Management Magazine, and Life & Pensions Moneyfacts. (To see the Latest Annuity Best Buy tables now Click here).
Be careful of having your head turned by a false loss leader. Bear in mind that the rates these tables give are specific to, say, a 65 year old male with £100,000.
Just because company X gives the best deal for that person does not mean they give the best deal for the 66 year old with a pension fund of £101,000.
In fact company X may well just be creating a loss leader to attract business. So be careful.
The figures given in the Best Buy Tables usually relate to how much annual income you can buy for each £10,000 in your pension fund.
(To see the Latest Annuity Best Buy tables now Click here).
Example of a comparison table
The following is an example of an annuity price table taken at random, over a year ago. It serves only to give you an idea of how they're laid out. The prices will vary from day to day.
The figures in each table show how much annual income you can buy for each £10,000 in your pension fund ie if you have £100,000 in your pension fund multiply the following by 10.
| Male age 60 |
Level without guarantee
( See 1)
£ pa
(For each £10,000)
|
Escalating 5%
( See 2)
£ pa
(For each £10,000) |
| Legal & Gen |
801.24 |
476.28 |
| Standard Life |
784.8 |
476.4 |
| Friends Provident |
781.08 |
467.16 |
| Canada Life |
757.32 |
443.88 |
| Scottish widows |
757.08 |
446.88 |
Example only: To see the Latest Annuity Best Buy tables
Click here
| Female Age 60 |
Level without guarantee
(See 1)
£ pa
(For each £10,000) |
Escalating 5%
(See 2)
£ pa
(For each £10,000) |
| Canada Life |
711.00 |
400.92 |
| Norwich Union |
709.92 |
387.24 |
| Prudential |
708.72 |
393.84 |
| Friends Provident |
706.2 |
394.8 |
| Legal & Gen |
705.36 |
390.84 |
Example only: To see the Latest Annuity Best Buy tables
Click here
Joint Life
Last survivor
(See 3)
Male 65/ Female 65 |
Level without guarantee
(See 1)
£ pa
(For each £10,000) |
Escalating 5%
(See 2)
£ pa
(For each £10,000) |
| Norwich Union |
723.48 |
415.68 |
| Canada Life |
705.6 |
410.88 |
| GE Life |
705 |
390 |
| Legal & Gen |
704.76 |
403.56 |
| Prudential |
702.84 |
406.8 |
If you want to get a specific idea of how big
an annuity you could get with your pension fund, we can connect you to an IFA who specialises
in annuities. They will give you a quick customised
quote.
This is a free service and you're under no obligation
to proceed in any way. Click
here. |
Read the full
UK Annuity Guide
See
Today's Latest Annuity Best Buy Rates and Deals
Get
My Annuity Quote Now
Level without guarantee: This
means the income from your annuity
remains the same for the rest of your life ie it will
be prone to inflation.
Escalating 5% pa compound without guarantee:
The income from your annuity
increases by 5% each year (ie to counter inflation) but
stops immediately you die.
Joint Life last survivor: When the "first
life" dies (ie one partner of a couple getting the annuity
pops their clogs) the annuity
passes to the survivor - the second life - and continues
until they die.
Annuities UK Guide
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