Annuities explained

Historically, most people saved into their pension over their working life to provide a pot of money which could be used to buy them a guaranteed income for the rest of their life. Buying an annuity was the most common way for people to take their retirement benefits before rules were changed in 2015 to allow people to access money directly from their pension pot.

Annuities normally pay a guaranteed income for the rest of your life. Some annuities continue to provide an income to a spouse or civil partner after the original policyholder dies.  You can find out what benefits your annuity could pay in your original policy document.

You may have seen in the news that the government has decided to cancel plans to allow people to sell their annuity for a cash lump sum (sometimes referred to as the Secondary Annuity Market).

This means that the original terms and conditions of your annuity remain in force and you won’t be able to sell it for a cash lump sum. The main reason the government has cancelled the plans is that they feel it isn’t possible to create a competitive market that provides value for customers and meets the need for consumer protection.

If you’d like further information on the government’s decision you can visit

Interested in using your pension pot to buy an annuity?

If you don’t already have an annuity but have reviewed your options and decided you want a guaranteed income for life, you can get a quote here

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To give you the right options please select your original policy provider below

Fund prices

How to find funds

Universal funds:

  • Simply select ‘Universal Funds’ from the ‘Original Policy Provider’ dropdown below

For all other funds:

  • Look at your most recent annual statement and type in the name of one of your funds into the search box below. From this we’ll be able to show you funds that are only available to customers from your original policy provider and your policy type.

Please note that not all funds will be available for your particular policy. Remember if you look at the total charges for any of the funds, you may also have product charges too. If you want more about product charges or available funds you can call us on the normal number.

The majority of our prices are shown online in pence (GBX) apart from former Alico funds which are shown in pounds (GBP).

The value of the units is not guaranteed and can go down as well as up.

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Important information

The information made available on Morningstar’s tool is taken from a variety of sources and is for general information purposes only. The information has not been tailored to your particular circumstances and does not constitute a personal recommendation or financial advice.

If you need assistance in reviewing your investments, you should speak to a Financial Adviser. You can find a Financial Adviser in your area at

You should also read Morningstar’s general disclaimer here

Money paid into the policy is invested in a with-profits fund, together with the savings of other policyholders. Bonuses are then added to the policy, depending on how the investments in the with-profits fund perform. These bonds normally have a minimum final value (known as the sum assured) which is added to any bonuses due when money is taken.

There are three with-profits funds that ReAssure customers are invested in, the Guardian Assurance With-Profit Fund, the Windsor Life With-Profit fund and the National Mutual With-Profit fund and these can be invested in differently. If you’re not sure what kind of with-profits fund you’re invested in, you should look at your most recent annual statement or bonus notice.

Guardian Assurance
With-Profit Fund

With-Profit Fund

National Mutual
With-Profit Fund

Windsor Life
With-Profit Fund

How do I make a claim on an annuity?

If the policyholder of an annuity has died and you think that there may be further benefits available to dependents, please call us and we’ll put you in touch with one of our claims handlers to help you start your claim.