Single Life Annuity


Last updated: 14/01/2017


A Single Life Annuity provides retirement income payments to one person only.


With a Single Life Annuity, all income payments cease when the annuitant dies unless the annuity guaranteed payment period option was chosen at outset and the annuitant dies before the guaranteed payment period ends.

A Joint Life Annuity continues to make income payments to your spouse or civil partner if you die before them whether there the annuity guaranteed payment period option was chosen or not.

The income from a Single Life Annuity is often higher than that available from a Joint Life Annuity because the annuity provider will expect to pay the income for a shorter period of time.



Examples Of Income Difference Between A Single Life Annuity And Joint Life Annuity

SINGLE LIFE ANNUITY EXAMPLES
MALE/FEMALE AGED ANNUAL ANNUITY INCOME
55
£3,984.00
60
£4,584.00
65
£5,376.00
70
£6,132.00
JOINT LIFE ANNUITY EXAMPLES - 50% SPOUSE'S PENSION
MALE AGED / FEMALE AGED ANNUAL ANNUITY INCOME
M 55 / F 50
£3,744.00
M 60 / F 55
£4,188.00
M 65 / F 60
£4,716.00
M 70 / F 65
£5,304.00

The above figures are for illustrative purposes only. They are based on standard annuity rates for a conventional Lifetime Annuity with level income, no guaranteed period and the income paid in arrears without proportion bought with a pension pot of £100,000. A Wokingham RG40 postcode was used for quotation purposes. The income figures shown are gross. Annuity rates checked: 14/01/2017. Source: Money Advice Service Annuity Comparison Tables