Skip to Main Content
How can we help you?

Deferred Annuity

Your Deferred Annuity provides a guaranteed income for life when you retire.

About your annuity

  • A Deferred Annuity is usually part of a defined benefit occupational pension scheme, which is provided by your employer.
  • Because it’s a defined benefit arrangement, your income in retirement is guaranteed – your employer promises a set level of income in retirement.

Transferring your pension benefits

If you’re eligible to transfer your benefits to another registered pension scheme, you’ll need to request a transfer value quote from us.

  • A transfer value quote provides the details you need to move your pension benefits.
  • We provide up to two transfer quotes in any 12-month period.

Things to consider before transferring your pension benefits

  • Transferring out of a defined benefit scheme is complex and can significantly impact your retirement income.
  • We recommend you get financial advice. See 'Making financial decisions' for more information about this.
  • Please make sure you understand your options and how they might affect your plan.
  • If transferring to a defined contribution arrangement, your options may differ from your current plan.
  • Transferring may mean losing lose some of the valuable guarantees your current plan provides.
  • If the transfer value is over £30,000, you must get advice from a regulated financial adviser before the transfer can be paid.


For more details, visit the Financial Conduct Authority’s (FCA) ‘pension transfer advice’ page

Want to transfer your pension benefits?

  • Check eligibility - Review your plan documents or contact us to confirm if you can transfer your benefits.
  • Start the process - Contact us to request a transfer value quote. 

Taking a tax-free lump sum

  • You may be able to take a Pension Commencement Lump Sum (PCLS), also called a tax-free cash sum, when you retire and start taking your benefits.
  • This option is only available before age 75.
  • Once you take your tax-free cash, it can’t be cancelled or reversed.
  • Check your plan documents to confirm eligibility.

Spouse benefits after death

  • Any ongoing payments depend on the original scheme rules.
  • Review your plan documents for details.

Next steps

If you have any questions or need any help with your plan, call us on 0800 000 000. Please have your Deferred Annuity reference number ready. Lines are open Monday to Friday, 08:00 -18:00, excluding public holidays.

We might record your call for training and quality purposes. To find out more about how we use your personal data please visit pru.co.uk/mydata