 In 1795 he applied for permission to resign his office at the admiralty, and was then, 17 March, created a baronet and appointed one of the lords of the admiralty.By a special recommendation on 15 October 1806 Stephens, at the age of eighty-one, was granted a pension of £1,600, which he enjoyed till his death on 20 November 1809.He was buried in Fulham church.