An annuity will provide you with guaranteed income, for life.
An annuity is an insurance product that is purchased with your pension fund and turns that lump sum into a guaranteed income. An annuity provider uses life expectancy calculations to estimate how to turn your pension fund into a monthly income.
Therefore, making sure you get the right annuity could be the most important financial decision you will make. Once you purchase one you cannot change your mind! You can choose your annuity provider, so do not feel obliged to accept one that is being offered by your current pension provider. Note that if you choose an annuity to provide you with income in retirement you can still access some 25% of your pension as a tax-free lump sum.
Choosing your annuity provider is called the open market option, it allows you to shop around and can often achieve much better returns for you. If you decide to take charge of the process and make the decision yourself, you will benefit from speaking with one of our advisers here at PensionTracing Service. There are many options and alternatives available, and our advisers can ensure you get the most appropriate and best value annuity to suit you.
You can also request contact details from the Pension Tracing Service by phone or by post.
The Pension Tracing Service
Telephone: 0800 1223 170
From outside the UK: +44 (0) 1782 389134
Monday to Friday, 9:30 am to 5:00 pm
Address
The Pension Tracing Service
The Lantern
High Street
Ilfracombe
EX34 9QB
Copyright 2026 by Pension Tracing Service®
The Pension Tracing Service® is a trading style of Millennial Wealth Ltd. We are authorised and regulated by the Financial Conduct Authority (FCA number 914746). Pinnacle House, 34 Newark Road, Peterborough, PE1 5YD. Registered company number 11557299.
Profile Pensions is a trading name of Profile Financial Solutions Ltd, authorised and regulated by the Financial Conduct Authority (FCA number 596398). Registered office: Norwest Court, Guildhall Street, Preston, PR1 3NU.
This service is not affiliated with the Department for Work and Pensions or any government body. When you click to get started, you'll be taken to Profile Pensions to complete your sign-up and begin the Find, Check & Transfer service. Capital at risk: the value of investments can go down as well as up and you may get back less than you put in. Past performance is not a guide to future performance. Tax treatment depends on your individual circumstances and may change.
See how we handle your data.