Annuities

Your guaranteed income option for retirement

Why purchase an annuity?

When you’re ready to collect your hard-earned pension pot, you can use some or all of your money to buy a guaranteed income, normally for life. At Wesleyan Assurance Society, we work with Retirement Line to help you find the best rates on the market, so you can find an annuity that helps cover the cost of the essentials throughout your retirement. And if you aren't sure what's right for you, you can get advice from a Wesleyan Financial Services Consultant.

  • Guaranteed income for life
  • Choose from a fixed or increasing income
  • Pays out from age 55
  • Take up to 25% tax free
  • Retirement Line shop around for the best rate
  • May be able to get a higher income in ill health

Please bear in mind that you can’t usually change your mind once you’ve bought a lifetime annuity.

How it works

We’ve partnered with Retirement Line, the UK’s largest annuity broker, to help you find the best annuity rates on the market. They offer no-obligation guidance and quotes tailored to your financial circumstances and goals for retirement. We’ll get a small commission if you choose to buy an annuity with Retirement Line.

You can speak to a Wesleyan Financial Services Consultant for advice on annuities as an option for your pension. We can help you decide how much of your pension pot you wish to use to buy an annuity and set how long you receive an income for.

Whether your pension pot is your sole funding for retirement, or you have savings or investments to boost your income, we can help you find peace of mind for your later years.

Lifetime annuity

For those who enjoy the financial security of a regular income, a lifetime annuity gives you a guaranteed income for the rest of your life. Choose from monthly, quarterly, half-yearly or annual payments to suit your aspirations for life after your career.

Enhanced annuity

If you’re a smoker or have a medical condition that affects your life expectancy, you may be eligible for an enhanced annuity. These provide a higher income than a standard annuity, helping you to cover any cost of care or medical expenses. We can help you understand the criteria and find you an enhanced annuity that’s best for you.

Family protection
If you’re worried about looking after your family when you pass away, you can add a guarantee period on your standard annuity to provide a dependant with an income for a chosen number of years. Or, if you want to give your partner or chosen loved one an income for life, you can buy a joint life annuity.

Frequently asked questions

  • What’s the difference between a fixed and increasing annuity?

    A standard annuity gives you a regular, consistent income for the length of the annuity. The rate is set when you buy an annuity and won’t change over the years, meaning you’ll know exactly what you’re getting and when.

    An increasing annuity starts at a lower rate than a standard annuity and will either increase over time by a set amount or with inflation. It can be useful if you expect your expenses to rise as you go through retirement, which could be the case with cost of care in your final years.

    If you aren’t sure which type of annuity is right for you, Wesleyan Financial Services Consultants can offer advice.

  • How do I buy an annuity?

    You can book an appointment with a Wesleyan Financial Services Consultant, where one of our team will meet you face-to-face or via video call to offer advice and guidance on your pension options.

    Alternatively, you can contact Retirement Line by calling them on 0800 158 885 or by visiting their website.

  • What if I have an existing Wesleyan Pension?

    If you have an older Wesleyan Pension which offers guaranteed annuity rates or a contractual option for an annuity, we’ll send you a Retirement Options pack six months before you reach your selected benefit date. This will tell you if you have a guaranteed annuity rate or contractual option included in your plan.

    If you’d like to chat to a member of the Retirement Team about annuities or your retirement options in general, call 0800 975 0140.

  • How do I get more information about annuities?
    For a quick read on the pros and cons and various types of annuities, take a look at our guide to annuities.

Important information

There are a few things to consider before you apply for an annuity:

  • Once your annuity has been set up, it can’t be changed, so it’s important to think through any decisions you make around your pension and speak to a Financial Consultant if you need advice.
  • It’s vital that you’re honest about any health conditions you have, as you may be entitled to a higher income rate if you have a shorter life expectancy.