Annuities

An annuity is a financial product which provides you with an income for the rest of your life in exchange for your pension savings - often called your 'pension pot'.

When you are ready to retire, you must convert the pension pot that you have built up into a regular income paid to you for the rest of your life - in other words you need to buy an annuity.

Click here to download Usdaw's Guide to Buying a Pension Annuity.