Types of pension annuity explained
Compare lifetime, joint-life, escalating, enhanced, fixed-term and investment-linked UK annuities and understand death-benefit options.
Last reviewed 4 September 2026
Frequently asked questions
What is the safest type of annuity?
A conventional lifetime annuity provides contractual lifetime income, but provider security, inflation and selected terms still matter.
Does an escalating annuity always beat a level one?
No. It starts lower and the break-even point depends on increases and lifespan.
Must I buy from my pension provider?
No. You normally have an open-market option and should compare, while checking existing guarantees first.