Here’s a concise guide to the common retirement‑annuity and pension options available in Sri Lanka, how they differ, and what to watch for when choosing one.

1. Statutory / workplace foundations

• Employees’ Provident Fund (EPF) — a mandatory defined‑contribution provident fund for most private/semi‑government employees (employee + employer contributions; fund paid out as lump sum on retirement or other qualifying events). Key facts (contribution rates, retirement/withdrawal rules) are set out by the Central Bank/EPF. (cbsl.gov.lk)
• Employees’ Trust Fund (ETF) — an employer‑paid statutory benefit (3% of gross pay) that complements EPF; ETF rules on contributions and withdrawals are administered by the ETF Board. (etfb.lk)

Why this matters: EPF/ETF are the base of most Sri Lankan retirement savings; EPF typically gives a lump sum while ETF is additional employer contribution — you’ll often need private annuities if you want guaranteed lifetime income.

2. Public‑sector (state) pensions

• Permanent public servants (civil service, some teachers, armed forces, etc.) typically receive defined‑benefit pensions administered by the Department of Pensions / government schemes. These differ from EPF/ETF and are generally paid as ongoing pension benefits. (Policies and retirement age rules are set by government notices and gazettes.) (123dok.co)

3. Private insurance annuities and pension plans (life insurers) Life insurance companies in Sri Lanka offer several pension/annuity products — common types you’ll see:

• Deferred annuity / pension plan: you pay premiums (regular or single) to build a fund; at retirement you convert the fund (in full or part) into regular annuity payments or take a lump sum. (softlogiclife.lk)
• Immediate (single‑premium) annuity: buy with a lump sum and start receiving regular payments immediately (good if you already have EPF/ETF or other savings to convert). (softlogiclife.lk)
• Variations / rider features commonly offered: life‑only annuity, joint‑life (spouse) annuity, guaranteed period (e.g., 5–10 years), increasing annuity options (limited inflation indexing), unit‑linked pension plans (investment risk with potential higher returns). Product details vary by insurer (AIA, Softlogic, Ceylinco, Allianz, LIC Lanka, etc.). (aialife.com.lk)

4. Programmed / systematic withdrawals vs annuitization

• Some providers let retirees take scheduled withdrawals (systematic withdrawals or “pension payout” arrangements) rather than buying a lifetime annuity. This keeps investment control with the retiree (but carries longevity and investment‑risk). Insurers and pension administrators offer different payout structures—compare guaranteed periods and capital protection. (aiicoplc.com)

5. Regulation and safety

• Life insurers and annuity providers are regulated by the Insurance Regulatory Commission of Sri Lanka (IRCSL). Check that any insurer/agent is licensed and review recent IRCSL guidance or notices before you buy. For large/long‑term payouts, consider insurer strength and regulatory protections. (gic.gov.lk)

6. Tax and policy considerations (short)

• Tax treatment of EPF/ETF, annuity income, and insurer payouts has been subject to policy discussion and occasional changes; rules have evolved and can be complex. Before locking funds into a product, confirm current Inland Revenue Department guidance or get a tax adviser’s input for your personal situation. (Local news and government releases have discussed taxation of various pension funds in recent years.) (presidentsoffice.gov.lk)

How to choose (practical checklist)

• Do you need guaranteed lifetime income (annuity) or flexibility/liquidity (systematic withdrawal)?
• How important is inflation protection? (Fully inflation‑indexed annuities are rare/expensive.)
• Do you want joint‑life cover for a spouse, or a guaranteed term (so beneficiaries get remaining payments)?
• What credit/financial strength and complaints record does the insurer have? (Check IRCSL & insurer financials.) (gic.gov.lk)
• Ask for illustrations: projected monthly payout for your lump sum, fees, surrender rules, and death benefits. Get offers in writing and compare “effective payout” after fees and charges.

Steps to proceed

1. Inventory your retirement savings (EPF/ETF balance, employer pensions, other investments). (cbsl.gov.lk)
2. Decide target retirement income and whether you want a guaranteed stream.
3. Request formal quotes/illustrations from 2–4 licensed life insurers; ask for joint‑life and guaranteed‑period illustrations. (aialife.com.lk)
4. Check insurer licensing and recent IRCSL notices. (gic.gov.lk)
5. Consult a licensed financial adviser or tax expert (especially if you have large lump sums or complex tax residency issues).

If you’d like, I can:

• Summarize and compare 2–3 specific annuity products from named Sri Lankan insurers (you tell me the lump sum or monthly target), or
• Provide a short list of questions to ask insurers and an email template you can use to request quotes.

Sources used (examples):

• Central Bank / Employees’ Provident Fund overview (EPF). (cbsl.gov.lk)
• Employees’ Trust Fund Board (ETF) — contributions and withdrawal rules. (etfb.lk)
• Product pages from AIA Sri Lanka and Softlogic Life (examples of deferred/immediate annuity and pension products). (aialife.com.lk)
• Allianz Sri Lanka retirement product (example of insurer options). (allianz.lk)
• Insurance Regulatory Commission of Sri Lanka (regulator). (gic.gov.lk)

Would you like me to compare specific insurer quotes (if you tell me the amount you plan to annuitize) or prepare the list of questions to send to insurers?