What is an annuity?

An annuity is a long-term investment made using your pension pot, which provides a regular income from the proceeds.
Annuities can be for a fixed term or for the rest of your life. Annuity planning can help you decide how long you want to make regular payments last – and how often you get them.
Types of annuities services
There are several types of annuity product available. The one that suits you may depend on different factors including:
- The value of your investment(s)
- Chosen level of regular income.
- Your lifestyle and health.
Some products carry more risk than others, so it’s worth discussing with a wealth adviser to find the right type for you before investing in an annuity.
Annuity options
There are many different types of annuity products, catering to different needs.
Many people may want to receive a regular income for the rest of their life, while others may choose to access a larger income for a shorter period.
You may also be looking to secure your family’s financial future and want to ensure they receive regular payments from an annuity once you’ve passed on.

Want to learn more about pensions?
Visit our pensions page and find out how expert advice could help you.
Important legal information
Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.
Schroders Personal Wealth is a trading name of Scottish Widows Schroder Personal Wealth Limited.