Terms and conditions

Important information about us

Welcome to Annuity Works

Delivering more money for your retirement

These are the Terms on which we shall supply the Annuity Services to you. These Terms apply to you when you use the Services. They set out your rights and responsibilities when you use (and our rights and responsibilities when we supply you with) the Services. This is an important document upon which we intend to rely, so for your own benefit and protection please read it carefully and ensure you are happy with its contents before you use the Services. If you require clarification on any part of this document, please ask us for further information.

1.0 Our Services

The Services are offered by Annuity Works, a trading name of Pension Works Limited, which is authorised and regulated by the Financial Conduct Authority – FCA – (Firm Reference Number 739922) and bound by its rules. Further details can be obtained by visiting the Financial Conduct Authority website: www.fca.org.uk/register or by calling 0800 111 6768. We will not provide you with financial advice or recommendations under these Terms. Please see 1D for further information.

We may use and interact with third-party providers in the course of providing the Services to you.

1.B Permitted users of the services

The Services are only available for use by: UK residents for their own personal use

1.C How we categorise you

We will treat you as a ‘Retail Client’ which means you will receive information in a straightforward way and you benefit from the highest level of regulatory investor protection under the Financial Conduct Authority rules.

1.D Suitability of services/products

We will not provide, and you do not expect to receive, personal financial advice about the suitability of the Services or any products or accounts you open as a result of using the Services. Nothing on the AW Website or in any communications from us shall be deemed to constitute financial, investment, tax or other advice or a recommendation by us in respect of any product or service referred to. If you are unsure whether the Services or the products offered are right for you or are in any doubt as to the suitability, adequacy or appropriateness of any product or service, you should seek professional advice before you use the Services or open a product or account. We may require that you take financial advice if you are taking benefits from a scheme with a defined benefit element, including any guaranteed minimum pension (GMP) which may occur in a section 32 policy or an occupational plan. Pension Works Limited have financial advisers regulated and authorised by the FCA who can provide financial advice upon request from you. Any advice received from a Pension Works Limited financial adviser will be governed by a separate agreement between you and Pension Works Limited and these Terms will not apply to that advice.

1.E Compliance with laws

We are unable to advise whether an Annuity meets scheme rules, HM Revenue & Customs rules or Department of Work and Pension rules or other applicable legislation. This check is the responsibility of your ceding scheme administrator. You agree that you will not deliberately reinvest tax-free cash back into a pension, as HM Revenue & Customs could view this as ‘recycling’ and levy a tax charge. This can be applicable even if the pension contribution is paid before the tax-free cash is received.

2.0 Annuity Works website

You agree that the provision to the terms of use for the AW Website which can be found at:


By using the AW Website, you confirm you have understood and accept: (a) the relevant terms of use (which can be found on the AW Website); (b) our privacy policy (which can be found at www.pensionworks.co.uk/annuityworks/privacy-policy/), which sets out how we collect and use your data; and (c) our cookie policy (which can be found at www.pensionworks.co.uk/annuityworks/privacypolicy/), which sets out how we use and place cookies on your device (together the “Online Terms”), and in each case agree to comply with them. If you do not agree to any of the Online Terms you must not use the AW Website. Please note we may revise any of the Online Terms by posting updates on the AW Website. By continuing to use the AW Website you will be deemed to accept the updated Online Terms.

2.B Website availability

We aim to provide you with continuous access to the pensionworks.co.uk/annuityworks/ but do not guarantee that we can do so. You acknowledge that the service may not be error free and access to the Services may be interrupted and variable.

We may suspend the operation of our online service and telephone service where we consider it necessary, including (but not limited to) where we must suspend operations for technical problems, emergencies, maintenance, regulatory reasons, where we decide it is sensible for our or our clients’ protection, in periods of exceptional activity or to ensure the continued availability of other services.

We will not be liable to you if our systems or services are unavailable to you for any reason.

It is your responsibility to have secure access to the internet.

3.0 Obtaining Annuity Quotations

Our Annuity Service will provide you with information to help you choose the right Annuity for you. If you use the Services, we can provide competitive Annuity Quotations (including Enhanced Annuity Quotations).

It is your responsibility to decide which options the Annuity Quotations will include, for instance a spouse or dependant’s pension, a guarantee period, increases or value protection. Enhanced Annuities may be available to you if you (or your spouse/partner/dependant) provide lifestyle information or details of certain health conditions. Please note if you do not provide us with relevant health and lifestyle information, we may not be able to provide you with the best terms available from our Annuity Panel. The information provided to us will be sent to our Annuity Panel to obtain Annuity Quotations. The Annuity Quotations will be based on the specific information provided to us and the options selected. The providers on the Annuity Panel may use automated decision taking software to produce
the Annuity Quotations. If you are unhappy with the rates quoted, you can request new Annuity Quotations. Please note Annuity rates can change daily and therefore may provide a more or less favourable outcome.

Annuity Quotations are provided by third-party providers and we are not liable for any inaccuracy, errors or omissions in the Annuity Quotations as a result of any error by the third-party providers. We make no representation as to the accuracy, completeness, timeliness or suitability of such information. If a third-party provider’s quotation system is unavailable or if the third-party provider cannot quote for a certain option selected online, that third-party provider’s Annuity Quotation will be excluded from your results. Annuity rates change from time to time and the Annuity Quotations provided are only available for a limited time. The length of time an Annuity Quotation is valid is specified on the Annuity Quotation itself.

4.0 Annuity application

Verifying your application, we will use a live ID check to confirm your identity, the identity of any other named applicants, the identity of anyone else providing or receiving monies on your behalf and, where required, the identity of other connected parties, and by dealing with us you confirm that you consent to this.

We may also need to seek additional information from you to verify your identity, in which case we may (i) delay your application until we have successfully verified your identity and/or (ii) return your application form.

You agree that where we suspect fraud we can share information about you (and any other named applicants) with a fraud prevention agency. Where information in your application is incomplete or incorrect, we may adjust your application to make it valid, but we are not bound to do so. We will only make changes using details you have previously given us.

We may refuse your application or other instructions at our discretion and we may not provide you with a reason for doing so. We may refuse your application for, but not limited to, the following reasons:

  • provision of incomplete or untruthful information by you
  • your failure to observe these Terms
  • a disagreement or dispute with us
  • because of a regulatory or legal requirement
  • or for another commercial reason

4.B Third-party cancellation rights

If you decide to enter into a contract with a third-party provider, cancellation rights may be different for each Annuity provider. You typically have 30 days in which to cancel but, depending on which provider you choose, this 30-day period might start from when you receive your first quote, when you sign your application form or when your policy documents are issued. The key features you will be provided with when you apply for your Annuity will detail your cancellation rights for the Annuity you have chosen.

If you cancel your Annuity purchase after the funds have been transferred from your pension company to the Annuity provider, your pension company may charge you an administrative fee. You may also have to find another Annuity provider. Some pension companies are unable to accept funds back once transferred. If you do not cancel your annuity, it cannot usually be changed or cancelled in the future.

5.0 Data protection

Our privacy policy explains how we use the personal information you give us, or we otherwise receive about you during our relationship. We strongly advise that you read our privacy policy, which can be found at www.pensionworks.co.uk/annuityworks/privacy-policy/ or available on request.

6.0 Important Information

6.A How we are paid

If an Annuity is set up for you, we take a one-off commission payment from the third-party provider. In respect of commission payments, the commission to be paid to us will be shown on the Annuity Quotation and such payment has been considered in your Annuity Quotation. If the amount of money the third-party provider receives differs to the amount stated on your accepted Annuity Quotation, the
final amount of commission we receive will change accordingly. We may amend the level of commission payments from third-party providers at any time.

6.B Conflicts of interest

We are always determined to treat our clients fairly. We may receive reasonable gifts from product providers, but these are closely managed to ensure client interests are not affected. In case conflicts arise between the interests of any of the companies in the Pension Works group, our employees, our clients and between clients, we have a policy in place to ensure that we identify and handle conflicts
fairly and treat our clients with honesty and integrity at all times.

6.C Changes to terms

We may change the Terms, including our fees and charges, from time to time in whole or in part and the amended Terms will be made available on our website. If you continue to use the services, you will be deemed to have accepted the changes to the Terms.

6.D Assignment, delegation and third-parties

We may appoint any person (whether connected to us or not) to advise on or perform any of our functions or responsibilities under these Terms. This contract may be assigned in whole or in part, but only if this does not offer you a poorer service and if your rights are not prejudiced by the assignment. Any Pension Works group company shall be entitled to enforce provisions of these Terms, which shall apply to it as if it were a party to the contract.

6.E Communications with you

Please send any written instructions to Annuity Works, Pension Works, Booths Park 5, Booths Park, Chelford Road, Knutsford, Cheshire, WA16 8GS. We suggest you use Royal Mail Special Delivery to send time sensitive documents. We will rely on any communication which we reasonably believe to have been made by you (or on your behalf). We have appropriately strict security procedures in place to help protect your Account and to verify your identity, so you will be required to honour any instruction made by you or on your behalf and you will be responsible for expenses incurred.

You are responsible for providing us with the correct contact details, including your postal address, phone number and email address. You accept that it is your responsibility to ensure that the postal address, phone number and the email address we have for you are active and up to date. We are not responsible for documents sent by you but not received by us, or vice versa, and if you are concerned about this we suggest you send documents to us by Royal Mail Special Delivery.

6.F Complaints

You should contact us immediately if you are dissatisfied with any aspect of our services. Please write to our Compliance Manager at: Annuity Works, Pension Works, Booths Park 5, Booths Park, Chelford Road, Knutsford, Cheshire, WA16 8GS or telephone our helpdesk on 0800 756 1288. Your complaint will be handled in accordance with the Financial Conduct Authority rules. We treat every complaint very seriously and aim
to resolve each complaint fairly and promptly.

We have a written policy, available upon request, about how we deal with complaints and how we ensure each complaint is dealt with promptly and fairly. If you have cause to complain for any reason we will send you a copy. We hope to resolve all complaints amicably. However, should we fail to resolve a complaint to your satisfaction or if we fail to do so within eight weeks of receiving your complaint, you can also send your complaint to the; Financial Ombudsman Service, Exchange Tower, London, E14 9SR. Telephone: 0800 023 4567 or 0300
123 9 123 and their website is available at www.financial-ombudsman.org.uk. This is the UK body for resolving financial services disputes out of court.

6.G Events beyond our control

An “Event Beyond Our Control” means any act or event beyond our reasonable control, including without limitation strikes, lock-outs or other industrial action by third parties, civil commotion, riot, invasion, terrorist attack or threat of terrorist attack, war (whether declared or not) or threat or preparation for war, fire, explosion, storm, flood, earthquake, subsidence, epidemic or other natural
disaster, or failure of public or private telecommunications networks. We will not be liable or responsible for any failure to perform, or delay in performance of, any of our obligations under these Terms that is caused by an Event Beyond Our Control. If an Event Beyond Our Control takes place that affects the performance of our obligations under theseTerms we will notify you as soon as reasonably practicable and our obligations under these Terms will be suspended and the time for performance of our obligations will be extended for the duration of the Event Beyond Our Control.

In addition, an Annuity can take several weeks to set up. The amount of time it takes will depend on several factors, including how quickly the pension provider can transfer the funds. We will endeavour to get your Annuity completed as soon as possible however we are not responsible for any delays caused by a third-party.

6.H Governing law and jurisdiction

These Terms shall be governed and construed in accordance with the laws of England and Wales and all parties agree to submit to the exclusive jurisdiction of the English Courts. We will communicate with each other in English. These Terms are based on our understanding of current legislation and the practices of HMRC and HM Treasury as at the date the Terms were written. If HMRC or HM Treasury change or clarify legislation we will not be liable for any resultant loss howsoever incurred.

6.I Definitions

Where the following words with capital letters are used in these Terms, this is what they will mean: “Annuity” means a product which converts money (usually within a pension) into a secure income in retirement; “Annuity Quotation” means a quotation from a third-party Annuity provider based on the information supplied by you and which is guaranteed for a limited time; “Annuity Panel” means our panel of third-party providers of Annuities; “Annuity Service” means our service for obtaining Annuity Quotations and setting up Annuities; “Drawdown” means a product which provides the means of withdrawing income from a pension whilst keeping it invested; “Enhanced Annuity” means an Annuity with an income based on certain medical conditions and/or lifestyle information of the annuitant (and/or spouse/partner/ dependant); “Enhanced Annuity Quotation” means a quotation from a third-party Annuity provider which takes into account certain medical conditions and/or lifestyle information; “FCA” means the Financial Conduct Authority of 25 The North Colonnade, Canary Wharf, London, E14 5HS, or any predecessor or successor authority; “HMRC” means Her Majesty’s Revenue & Customs; “Services” means the Annuity Service; “Terms” means these terms and conditions (including any terms incorporated by express reference) and any versions which may supersede them, and any important investment notes that we bring to your attention from time to time; “We”, “we”, “us” and “our” means Annuity Works which is a trading name of Pension Works Limited, a company incorporated and registered in England and Wales with company number 09775967 whose registered office is Booths Park 5, Booths Park, Chelford Road, Knutsford, Cheshire, WA16 8GS.

6.J Terms and conditions version

This version of Annuity Works terms and conditions was produced 01.05.2019

Terms and conditions V1.01.05.19