Hodge Bank Pension Reviews, Transfers, Drawdown and More

Hodge Bank is a unique name in the UK retirement landscape. Unlike larger providers like Aviva or Fidelity, Hodge does not offer a standard accumulation pension like a SIPP or a workplace pot. Instead, they are specialists in retirement finance and decumulation, focusing on helping people manage their wealth and secure an income once they have already reached later life.

Founded in 1965, Hodge has a long-standing reputation for innovation in later-life lending and specialised savings. In 2026, they remain a popular provider for those looking to convert their property wealth or existing pension cash into a stable retirement.

Hodge Retirement Products and Services

Hodge Bank focuses on three core pillars of retirement financial health:

1. Guaranteed Pension Annuities

Hodge is a major player in the annuity market. If you are at the point of retirement and want to swap your pension pot for a guaranteed paycheck that lasts as long as you do, Hodge offers highly competitive rates.

• Standard Annuities: Provides a fixed income for life

• Specialised Features: They offer options for Guaranteed Payment Periods (ensuring your family gets paid even if you die early) and Dependant’s Annuities to provide for a spouse

2. Later Life Lending (RIO Mortgages)

While Hodge has recently pivoted its strategy regarding traditional equity release, they remain a leader in Retirement Interest-Only (RIO) Mortgages.

3. Retirement Savings (Cash ISAs & Bonds)

Hodge offers a suite of savings products designed for retirees who want a safe home for their tax-free cash or inheritance.

• Fixed Rate Bonds: Great for those who want a guaranteed interest rate for a set term

• Cash ISAs: A tax-efficient way to hold your savings, with easy-access and fixed-term options available

Putting Your Money into an Annuity (The Drawdown Alternative)

Since Hodge does not offer a SIPP, their primary pension service is the Guaranteed Pension Annuity. Many people reach 55+ and decide that the stock market volatility of a drawdown plan is too stressful.

• The Annuity Advantage: With a Hodge annuity, the market risk is entirely removed. You receive a set amount of money every month, regardless of what happens to the economy

• Health and Lifestyle: Hodge uses medical information to provide enhanced quotes. If you have a history of smoking, high blood pressure, or more serious conditions, you may receive a higher monthly income

Alternatives to a Hodge Annuity

If a lifetime annuity feels too restrictive, your IFA might suggest:

• Fixed-Term Annuities: A bridge income that lasts for a specific number of years.

• Flexi-Access Drawdown: Holding your money with a provider like Aegon to keep it invested (Hodge does not offer this directly)

• Downsizing: Using a Hodge Downsizing Loan or RIO mortgage to release property equity instead of cashing in a pension pot

Reviewing and Transferring Your Hodge Assets

If you have a legacy Hodge annuity or a savings account, a professional review in 2026 is important to ensure your interest rates remain competitive.

• Transferring IN: You can transfer your pension cash from any UK provider (like Nest or Royal London) to Hodge to buy an annuity. This is known as the Open Market Option

• Transferring OUT: While annuities are permanent and cannot be transferred once started, Hodge Cash ISAs and Bonds are fully portable. If you find a better rate elsewhere, Hodge supports the electronic ISA transfer process, ensuring you don't lose your tax-free status

Pros, Cons, and Customer Reviews

The Pros

• Long-Term Stability: A specialist bank with over 60 years of experience in retirement

• Competitive RIO Mortgages: One of the few banks that truly understands the lending needs of the over-50s

The Cons

• No SIPP/Drawdown: You cannot invest your pension with them; they are purely for income or lending

• Niche Focus: Their products are specifically for those near or in retirement; they are not a starter bank for young savers

What Customers are Saying

"The process of setting up my RIO mortgage with Hodge was surprisingly simple. My IFA handled the paperwork, and it’s given me the extra monthly income I needed." — Trustpilot Review, Jan 2026

"I’ve had a Cash ISA with Hodge for years. The rates are always near the top of the charts, and their online portal is very easy to navigate." — Smart Money People, Nov 2025

How Our IFA Service Can Help

Because Hodge Bank specialises in complex later-life lending and annuities, they almost always recommend that customers speak with an Independent Financial Adviser (IFA).

Our IFAs provide:

1. Equity vs. Pension Analysis: We help you decide if it’s better to take an income from a Hodge RIO mortgage or buy a Hodge Annuity

2. Market Comparison: We compare Hodge's annuity rates against providers like Canada Life or Legal & General to ensure you get the maximum possible income

3. Inheritance Tax Planning: Annuities and property loans can have a big impact on what you leave behind. We ensure your Hodge products are set up to be tax-efficient.

4. Legacy Review: If you have an old Hodge Lifetime Mortgage, we can review it to see if switching to a modern RIO mortgage would save you money

Get started now to speak with an IFA to get a guaranteed annuity quote or discuss a later-life mortgage with Hodge.