What could I get?

You should start thinking about your annuity options about four months before your retirement, and at Bank of Scotland Annuity Service we can guide you through the whole annuity process and provide full advice including a personalised illustration.

Speak to one of our experts, or alternatively e-mail us and we'll call you back

Factors that are considered by annuity providers which determine how much income you could get:

• The amount of money in your pension fund;
• The amount of tax free cash you decide to take from your pension fund;
• Age;
• Health, e.g. if you have a long term illness or if you smoke;
• Average life expectancy;
• Whether you require a single or joint plan.

A 5 year guarantee is available at a relatively low cost due to increased longevity and is therefore used in these examples to protect your income against your premature death.

Single life annuity

Provides income during your retirement for the length of your lifetime, upon death the annuity ceases and is not passed to any dependants.

The examples provided below are based on £100,000 lump sum with a 5-year guarantee:

Source - The Exchange 01 Feb 2011. Figures quoted as gross.

Joint life annuity

Provides income during your retirement for the length of your lifetime, upon death the annuity is passed to a spouse or partner at the percentage opted for. In the example below this is 50% of the annuity.

The examples provided below are based on £100,000 lump sum with a 5-year guarantee.  These examples assume that the spouse is the same age as the client.

Source - The Exchange, 01 February 2011.  Figures quoted as gross.

These figures give an indication only. Rates frequently change and assumptions have been used to generate the smokers rates. The actual income available could be higher or lower.