If you’ve decided that an annuity is for you, you’ll need to think about putting your plan into action.

When you buy an annuity, it can take a number of weeks to set up and start paying your income, so we have given you a rough idea of what your next steps should be. You might need to start thinking about it sooner than you think.

Step 1 – do your research 
6 months – 1 year before retiring

Decide whether an annuity is right for you by looking at all of the available options for funding your retirement and considering the advantages and disadvantages of each.

Step 2 – find out the value of your pension fund  12 – 8 weeks before retiring

Your pension provider will be in touch before your retirement date, but you can also contact them to get a rough idea of your pension’s value before this time. You might have more than one pension, so don’t forget about any or you could lose out on a small fortune!

Step 3 – decide what kind of annuity you want 
12 – 8 weeks before retiring

Carefully consider the options available on an annuity, choosing those that best suit your immediate and long term needs. 

Step 4 – contact insurance companies for quotes  12 - 8 weeks before retiring

Shop around for the best deal! Scour the market carefully and choose the annuity and provider which is going to give you the best possible product. Be careful, every penny counts!

Step 5 – take financial advice 12 - 8 weeks before retiring

If you’re still unsure, or if you want any more information, contact a financial adviser.

Step 6 – enjoy your retirement!

Once all the hard work is done it’s time to enjoy all that free time, with the comfort you will receive a regular income that will last you for the rest of your life.