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Buying an annuity

When you take your benefits, you can take part of your Accumulated Fund as a tax-free cash sum. The remainder must be used to buy an Annuity.

You can buy your annuity from an insurance company of your choice. If you do not choose an insurance company, the Trustee will do so on your behalf. The cost of an annuity varies depending on your age, gender, interest rates and life expectancy at the time you take your benefits. It also depends on the type of annuity you choose (see common options below). You may also have the option of purchasing your pension annuity from the UKRF.

The amount of pension you will receive at retirement will depend on:

The most common options when choosing your annuity are:

Your Accumulated Fund 
Tax-free cash 

Definitions of any pensions jargon can be found on the technical terms page.

Barclays team
The Barclays Bank UK Retirement Fund
PO Box 709

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Tel: +44 (0) 1737 227 567


Read about the UKRF’s approach to responsible investment.