Annuities at a glance
A summary of main features for our annuities.
Pension Annuity | Pension Income Plus annuity | |
|---|---|---|
Minimum purchase price | The total amount of money we receive to buy an annuity must be at least £10,000. For transfers this means the amount after tax-free cash has been paid. | The total amount of money we receive to buy an annuity must be at least £10,000. For transfers this means the amount after tax-free cash has been paid. |
Payment increases |
| Increase by the Assumed Investment Return (0% - 5%) - see our separate Pension Income Plus Annuity section |
Payment frequency |
The first income payment can be paid either as soon as the annuity starts (known as in advance) or at the end of the payment period (known as in arrears). |
The first income payment can be paid either as soon as the annuity starts (known as in advance) or at the end of the payment period (known as in arrears). |
Income guarantee period | Up to 10 years for non Protected Rights and up to 5 years for Protected Rights. | Up to 10 years for non Protected Rights and up to 5 years for Protected Rights. |
Value Protection | This lets the client protect all or part of the fund used to buy the annuity when they die. More information on value protection. | This lets the client protect all or part of the fund used to buy the annuity when they die. More information on value protection. |
Dependant's pension | An annuity can be chosen to provide the client's spouse/civil partner or dependent with an income when they die. | An annuity can be chosen to provide the client's spouse/civil partner or dependent with an income when they die. |
Minimum age | 55 | 55 |
Maximum age | There is no maximum age limit. | There is no maximum age limit. |
Extras | We accept Guaranteed Minimum Pension (GMP) and Protected Rights. We operate with the ABI-backed Origo Options process. This means we will arrange for the completion of your client's annuity purchase in the quickest possible time. We also have a Money Where Our Mouth Is Commitment. This is our commitment to release tax free cash, where appropriate, within 5 working days of receiving the funds and all requirements - subject to terms and conditions. If we fail to meet this commitment, we will pay £1,000 to your client as compensation or the inconvenience caused as a result of this failure (terms and condtions apply). | We accept Guaranteed Minimum Pension (GMP) and Protected Rights. We operate with the ABI-backed Origo Options process. This means we will arrange for the completion of your client's annuity purchase in the quickest possible time. We also have a Money Where Our Mouth Is Commitment. This is our commitment to release tax free cash, where appropriate, within 5 working days of receiving the funds and all requirements - subject to terms and conditions. If we fail to meet this commitment, we will pay £1,000 to your client as compensation or the inconvenience caused as a result of this failure (terms and condtions apply). |