Annuities

Next steps

To take out an annuity with us, make sure you've all the information we listed in the buying an annuity section, then contact us for a quote.

You can either:
phone us on 08456 015 273 or
email us at annuitiesmb@aegon.co.uk

Getting a quote

To provide a quote for you, we'll need to ask you for some personal details like your date of birth, full name and your partner's or husband or wife's details and your address.

We'll also need to know approximately how much your current pension is worth and what level of protected rights there is in it, if any. You may have protected rights money in your pension if you were ever contracted out of the state pension. Depending on the type of protected rights you have there are certain benefits you have to buy, for example a spouse's pension. Your pension company will be able to tell you if you have protected rights and it should also appear on your valuation or yearly statement.

We'll also ask you if you want us to pay you any tax-free cash or if this will already have been paid by your previous company.

If you've a financial adviser, they'll usually do all this for you.

You'll normally get your quote within 48 hours. If you want to see how adding different options will change your annuity, we can give you extra quotes showing this.

Taking out an annuity with us

Once you've a quote you're happy with you'll need to complete the application form we send with your quote and you'll also need to send us proof of your age/identity and proof of your marriage or civil partnership. If you want us to set up a pension for any other dependants (such as your children), you'll also need to send us proof of their relationship to you and their financial dependency.

Once we receive your application and the evidence we need (we'll return the originals to you) all you need do is sit back and relax as we do everything else. We'll contact your previous company for the information we need from them and then chase them on a regular basis so that we can get your annuity set up as soon as possible.

Once we've got everything we need, we'll confirm the final details to you of how much we received from your pension company and how much your annuity will be and start making payments into your account.

Once your annuity's being paid

Once regular payments have started, you can’t exchange them for a cash lump sum payment.

We'll send you a P60 at the end of each tax year so that you know how much tax you paid. The Revenue may need to see this if you complete a tax return. You should keep all of these P60s somewhere safe as the Revenue might ask to see them if your circumstances change.

From time to time – at least every five years – we'll ask you to confirm that all the details we have for you are still correct. This is to make sure that you continue to receive your income on time.

If you move house, change bank accounts or your circumstances change, you should let us know as soon as possible so we can update our records and keep sending your income payments and information to the right place.

For any questions about your annuity, contact our annuity helpdesk on 08456 015273.