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Know your open market option annuity providers
There are 14 annuity providers who currently offer annuity products to customers who do not have an existing pension with them (known as the annuity open market option). There are many different types of annuity and not all annuity companies provide the different annuities. The list below shows the different types of annuity and which annuity companies provide them. If you are not sure what an annuity is please click here for more detail.  
The annuity market is split into 4 sections, Lifetime Annuities, Enhanced Annuities and Impaired Annuities and Fixed Term Annuities.
Lifetime Annuity Providers
Enhanced Annuity Providers
Impaired Annuity Providers
Fixed Term Annuity Providers

Lifetime Annuity
Lifetime Annuity is an annuity product which is designed for customers who do not have any medical conditions and their lifestyle is healthy. Lifetime annuities normally pay the least Annuity income as these customers are expected to have a long life expectancy. Lifetime Annuities are also called Annuity, Standard Annuity, Conventional Annuity, Guaranteed Annuity, Pension Annuity, retirement Annuity and retirement Income.
Lifetime Annuity providers and some key information;
Aegon/Scottish Equitable Lifetime Annuities

• Scottish Equitable was established in 1831.
• Aegon bought Scottish Equitable in 1994.
• Aegon have 27,500 employees servicing 40 million customers.

Aviva Lifetime Annuities

• £380 billion of funds under management.
• Aviva have 46,000 employees servicing over 53 million customers in 28 countries.
• 1st June 2009 Norwich Union changed its name to Aviva. Norwich Union was established 1797.

Canada Life Lifetime Annuities

• Canada Life was established in 1847 and started trading in the UK 1903.
•  Canada Life is part of the Great-West Lifeco group and listed in the Global Financial Times top 500 world largest companies.
• Assets under management £305 billion.

Hodge Lifetime retirement Solutions Lifetime Annuities

• Hodge lifetime was established in 1965.
• Only deal exclusively with Key Annuity companies.
•  Hodge lifetime is part of the Julian Hodge Bank  and specialises in retirement products.

Legal and General Lifetime Annuities

• Legal and General was established in 1936.
• £331 billion of funds under management.
• Top 100 UK companies.

Prudential Lifetime Annuities

• Prudential was established in 1848.
• £349.5 billion of funds under management.
• 21,500 employees serving 25 million customers.

Scottish Widows Lifetime Annuities

• Scottish Widows was established in 1815.
• Is part of the Lloyds Banking Group.
• £82.6 billion of funds under management.

Standard Life Lifetime Annuities

• Standard Life was established in 1825.
• £143 billion of funds under management.
• 3,500 employees servicing 6 million customers.

 

Enhanced Annuity
Enhanced Annuities is an annuity product which is designed for customers who have minor medical conditions and their lifestyle conditions are deemed to reduce life expectancy. These conditions include high blood pressure and high cholesterol, have a medium to high alcohol consumption and have been continually smoking tobacco in the last ten years. Enhanced annuities pay more retirement income than Lifetime annuities as these customers are expected to have a shorter life expectancy. Enhanced Annuities are also called Lifestyle annuity or smoker annuity.
Enhanced annuity providers and some key information;
Aviva Enhanced Annuities

• £380 billion of funds under management.
• Aviva have 46,000 employees servicing over 53 million customers in 28 counties.
• 1st June 2009 Norwich Union changed its name to Aviva. Norwich Union was established in 1797.

Canada Life Enhanced Annuities

• Canada Life was established in 1847 and started trading in the UK 1903.
•  Canada Life is part of the Great-West Lifeco Group and listed in the Global Financial Times top 500 world largest companies.
• Assets under management £305 billion.

Just retirement Enhanced Annuities

• Just retirement was established in 2004.
• Specialised in enhanced and impaired annuities.
• Has £2.8 Billion of Funds under management.

Legal and General Enhanced Annuities

• Legal and General was established in 1936.
• £331 billion of funds under management.
• Top 100 UK companies.

LV= Enhanced Annuities

• LV= is the trading style of Liverpool Victoria and was established in 1992.
• £8 Billion of funds under Management.
• 4,400 employees serving 4 million customers.

MG Advantage Enhanced Annuities

• MG Advantage was establish in 1852.
• It is a Mutual Society which means it is owned by its policyholders.
• £1.4 Billion of funds under management.

Partnership Enhanced Annuities

• Partnership was established in 2005.
• Specialises in Enhanced and Impaired annuities.
• £1.2 Billion of funds under management.

Impaired Life Annuity
Impaired Life Annuities is an annuity product which is designed for customers who have serious medical conditions and is deemed to reduce life expectancy. These conditions are classed as life threatening conditions such as Cancer, Heart disease, recently had a stroke and many other medical conditions. Impaired life annuities pay more retirement income than any other annuity product because these customers are expected to have a greatly reduced life expectancy. Impaired life annuities are often confused with enhanced annuities.
Impaired Life annuity providers and some key information;
Just retirement Impaired Life Annuities

• Just retirement was established in 2004.
• Specialising in enhanced and impaired annuities
• £2.8 Billion of funds under management.

LV= Impaired Life Annuities

• LV= is the trading style of Liverpool Victoria and was established in 1992.
• £8 Billion of funds under Management
• 4,400 employees servicing 4 million customers.

MG Advantage Impaired Life Annuities

• MG Advantage was establish in 1852.
• It is a Mutual Society which means it is owned by its members.
• £1.4 Billion of funds under management.

Partnership Impaired Life Annuities

• Partnership was established in 2005.
• Specialises in Enhanced and impaired life annuities.
• £1.2 Billion of funds under management.

Fixed Term Annuity
Fixed Term Annuities is an annuity product which is designed for customers who want a flexible annuity which means they are not looking for a guaranteed retirement income for the rest of their life. At the end of the fixed term, which is between 3 to 10 years, you can transfer the remaining fund into a lifetime, enhanced or impaired life annuity. Fixed term annuities are guaranteed alternative to income drawdown. This Annuity product was first launched by Met Life in 2006 and classed by the FSA as an unsecured pension.
Fixed Term annuity providers and some key information;
Aviva Fixed Term Annuities

• £380 billion of funds under management.
• Aviva have 46,000 employees servicing over 53 million customers in 28 counties.
• 1st June 2009 Norwich Union changed its name to Aviva. Norwich Union was establish 1797

Met Life Fixed Term Annuity

• Met Life was established in 1868.
• £489 billion of funds under management.
• Is currently serving 90 million customers.

Just retirement Fixed Term Annuities

• Just retirement was established in 2004.
• Specialised in enhanced, impaired Life annuities.
• £2.8 Billion of funds under management.

LV= Fixed Term Annuities

• LV= is the trading style of Liverpool Victoria and was established in 1992.
• £8 Billion of funds under management.
• 4,400 employees serving 4 million customers.