You should speak to your financial adviser before making any decision about what to do with your retirement savings.
Things to consider
Before making any decision on buying an annuity, there are some important things you need think about.
We'd recommend you discuss these with your financial adviser to make sure you get the best possible outcome for your own individual circumstances.
Once your annuity is set up, you can't change the terms or choose to cash it all in if your circumstances change.
It's a one-time decision so you need to be sure it's right for you.
Your annuity income will usually stop when you die. Unless you die within an agreed guarantee period or you purchased a joint-life annuity, no further payments will be made to your partner or dependant.
You can use our quick pension calculator to see how much income and tax-free cash you might expect when you retire.
If you choose to buy a level annuity, it means you'll receive the same level of income for life. While it will give you a higher starting income, the effects of inflation will reduce the amount you can buy over time.
An escalating annuity will help you protect yourself against some or all of the effects of inflation.
Yes you can. Just because you’ve saved with Royal London doesn't mean you have to buy an annuity with us. You're free to shop around and to get the best deal for your individual circumstances.
The income you receive from an annuity will be taxed at your marginal rate.