Annuities explained

  • Buying an annuity: how to turn your pension fund into an income
  • The pros and cons of different annuity options, including enhanced annuities
  • Tips on shopping around to increase the amount you'll get from your annuity
  • Want to avoid buying an annuity? We explore the alternatives available

What's in this guide

What is an annuity? Video guide

Which? explains what is an annuity, how annuities work, who annuities are appropriate for and when you should buy an annuity. Contains video

Buying an annuity

When you buy an annuity, make sure you shop around for the right provider and seek advice. Which? explains the different annuity options on the market.

Annuity options

Confused by the annuity options? We explain the basic annuity types you will have to choose between, and which ones could suit you.

Enhanced annuities

Find out how you could get an income boost of almost 50% if you've got a medical condition by buying an enhanced annuity.

Annuity rates

A number of factors can affect how much annuity income you'll receive, such as life expectancy and interest rates. Learn about them in this guide.

Income drawdown and annuity alternatives

You don't have to buy an annuity - you can leave your pension invested and enter into something called income drawdown. Find out more in this guide.

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