# When should I buy a pension annuity?

> Quick answer · Last updated 4 July 2026

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## In short

When you need guaranteed income for essentials and want to remove longevity and investment risk — often between State Pension age and mid-70s when rates improve with age. You can buy in stages or annuitise part of the pot only.

Deferring can improve quotes if health is stable; waiting carries investment risk if funds stay invested.

Many combine annuity for bills with drawdown for flexibility.

Book Pension Wise before an irreversible purchase.

## Related

- [Buying an annuity guide](https://moneyguide.org.uk/pensions/buying-a-pension-annuity-guide/)
- [Drawdown vs annuity](https://moneyguide.org.uk/answers/should-i-take-drawdown-or-an-annuity/)

## Primary source

gov.uk/tax-on-your-private-pension/what-you-can-do-with-your-private-pension-pot

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Independent UK money guidance from [Money Guide](https://moneyguide.org.uk). Information only — not regulated financial advice.