This has no single answer, and any page giving you one number is quietly assuming an age, a shape of income and a state of health that may not be yours. What can be set out properly is the method: which inputs the insurer prices, how much each one moves the result, and where to get a figure that is actually binding.
Why no fixed answer exists
An insurer converting a pot into a lifetime income prices four things: how long it expects to pay, what yield it can earn on the money in the meantime, what shape of income you have asked for, and its own costs and margin. Two of those change week to week as bond yields move, and two depend entirely on you. A figure published today would be wrong within weeks and wrong for most readers immediately, which is why this page explains the conversion rather than printing an income.
Which inputs move it most
Age first: buying later means fewer expected payments and a higher yearly income from the same capital. Then shape, and it moves the figure a long way. A joint life annuity continuing to a partner starts lower than a single life one. An escalating income starts materially below a level one. A guarantee period costs something. Then health, where enhanced terms for a qualifying condition can lift the income well above a standard quotation. The provider is genuinely the smallest of these variables, which is why shape and disclosure deserve more attention than shopping does.
Is the 200k before or after the tax free cash
This is where most self calculated answers go wrong. HMRC's guidance on GOV.UK states that you can usually take up to 25 percent of a pension as a tax free lump sum, within a lump sum allowance of 268,275 pounds. If you intend to take that cash, the annuity is bought with what remains, not with the full pot. Pricing the whole amount and then also taking the lump sum overstates the income by roughly a quarter, and it is a sequencing error rather than an arithmetic one.
How to get a figure you can rely on
Only a quotation from an insurer, on your age, your chosen shape and your health disclosure, on a stated date, is binding, and it will have a short shelf life. You are not obliged to buy from the provider holding the pension, and taking the pot to the open market is the step most likely to change the number. This site publishes no rates, arranges nothing and recommends no insurer; where you want quotations, the enquiry goes to a firm authorised to advise and arrange.
Other questions people ask
Why will nobody tell me a straight figure?
Because a straight figure requires an age, an income shape and a health position, and it changes as bond yields move. Any single published number is assuming facts about you that are probably wrong and will be out of date within weeks.
Do I price the annuity on the whole 200k?
Only if you are taking no tax free cash. HMRC's guidance allows up to 25 percent of a pension to be taken as a tax free lump sum, and the annuity is bought with the remainder, so pricing the full pot and taking the cash as well overstates the income.
What changes the income most?
Age and the shape you choose, ahead of the provider. Joint life, escalation and a guarantee period each reduce the starting income, sometimes substantially, and enhanced terms for a health condition can raise it well above a standard quotation.
Does it matter which insurer I use?
It matters, but less than the shape and the disclosure. The spread between insurers is usually widest for people who qualify for enhanced terms, which is where using the open market rather than the existing provider is most likely to pay.