There are seven main players in the pension annuity market: Friends Provident, Hibernian, Irish Life, New Ireland, Norwich Union, Standard Life and Equitable Life.

Equitable is the only one which does not pay commission to brokers. They all offer conventional annuities, based on returns from Government securities i.e. "gilts". The accompanying table from Irish Pensions Trust gives a snapshot of the annual gross pension payable as a result of the purchase of an annuity worth £50,000 as of October 20th. These payments relate to a single life, payable monthly in advance, guaranteed for five years with no escalation. Take table called PENSTAB here.

The annual income generated by the £50,000 annuity values from £2,787, for a 50-year-old female payable by Hibernian; to £4,842 for a 65-year-old male payable by Equitable Life.