Does your old pension have a guaranteed annuity rate? How to find out.

What a guaranteed annuity rate is

A guaranteed annuity rate (GAR) is a contractual right written into some pension policies sold in the 1980s and 1990s. It entitles the holder to convert their accumulated fund into an income at a rate fixed in the policy, rather than at whatever rate is available in the market at the time. It is a term of the contract. That is all it is; whether it matters for you is a question for you and, if you want it, a regulated adviser.

It will not appear on a valuation

A GAR is not the fund value, and it will not show on a valuation statement. It is not part of the pensions dashboard’s published view data either. Nothing that arrives on a screen or through the post will point it out to you, because the systems that generate those statements are not built to.

Safeguarded benefits — the legal position

Some rights attaching to a pension are called safeguarded benefits. A guaranteed annuity rate, a guaranteed minimum pension, and defined-benefit entitlements can all be safeguarded benefits. Where safeguarded benefits are worth more than £30,000, the trustees are required by law to check that you have taken regulated advice before a transfer can proceed. This is also why transfers of such rights are separately regulated. That is the law, stated here as a fact rather than a recommendation. (correct as at 17 September 2026)

How to find out whether yours has one

The only way to know is to ask the scheme, in writing, and get the answer in writing. A verbal answer over the phone is easily lost and rarely complete. Ask the question directly:

“Does my policy or scheme membership include any guaranteed annuity rate, guaranteed minimum pension, or other safeguarded benefit? If so, please set out the terms, the rate, and the benefits to which each applies.”

That is question 5 of the seven questions we put to every scheme. Ask it alongside the others, so the reply is complete the first time.

Do not accept a summary you cannot keep

Ask for the answer in writing, and keep it. This is one of the questions whose answer most often goes missing between a phone call and a decision, and it is one of the four answers most likely to change what someone does next. You are entitled to a written reply; ask for one.