Types of annuity

Depending on your needs and individual circumstances there are a number of different types of annuity available. Just Retirement offers an enhanced annuity and a Fixed Term Annuity.

Conventional annuities – these provide you with a guaranteed income for the rest of your life, regardless of what happens to the performance of the financial markets. They are also referred to as traditional or standard lifetime annuities. Read about the advantages and disadvantages

Enhanced annuities - are a type of conventional annuity which reflect your health and lifestyle when determining the level of income you will receive, increasing your payments. Enhanced annuities offer increased levels of income depending on whether you have, or have had in the past, a mild health or lifestyle condition, or a more serious impairment or illness that affects your life expectancy. Annuity providers can pay you more each year as you are likely to receive the income for fewer years than a healthy individual. Read about the advantages and disadvantages

Fixed term annuities are a type of drawdown arrangement that offer more flexibility than traditional lifetime annuities but without exposing your pension fund to any investment performance risk.  They offer a guaranteed income (within government limits) for a fixed period of time and a guaranteed maturity lump sum at the end of your chosen plan term. Read about the advantages and disadvantages

Variable annuities provide a guaranteed level of income, lower than a conventional annuity, with the potential of future increases as a result of the performance of a selected investment fund. Read about the advantages and disadvantages

Investment-linked annuities offer the potential for your retirement income to change based on the performance of its underlying investments. Read about the advantages and disadvantages

All annuity income is taxable in line with current income tax rates.

Useful links Questions about annuities 
Just Retirement's enhanced annuities 
Just Retirement's Fixed Term Annuity