Read the options you have for our Protected Retirement Plan that you should consider before making your decision.
At the start of the plan, if you choose capped drawdown, you can choose how much income to take between taking nothing and the maximum allowed under the Government Actuary's Department (GAD) rules. GAD drawdown tables are used to calculate how much income you can withdraw. If you choose flexible drawdown the maximum income limit doesn't apply.
The Protected Retirement Plan allows you to choose a term between 3 and 25 years.
As long as you’re alive at the end of the chosen term, a guaranteed maturity value will be available. It’s protected and isn’t at risk to changes in investment conditions over the term of the plan.
The guaranteed maturity value is fixed at the start of the plan and is determined by:
If you choose capped drawdown this lump sum payment can be used to buy a lifetime annuity, another Protected Retirement Plan or can be transferred to a drawdown pension arrangement to best fit your personal circumstances and income requirements. If you choose flexible drawdown you have the option to take the lump sum payment as a final income payment instead, subject to income tax.
Please note that if you choose capped drawdown the Guaranteed Maturity Value must be kept within a pension arrangement or used to buy an annuity, and can't be paid directly to you.
Our conversion option allows you to end your existing plan and transfer out at any time. So you won’t have to wait until your plan is due to end if you don’t want to. You simply choose a term at outset between 3-25 years with the built in option to transfer out to another retirement product at any time, for any reason, as long as financial advice has been given.
You automatically qualify for this when you take out a fixed-term annuity with us, so there’s no need to opt in and there is no extra charge.
We'll calculate a transfer value based on current investment conditions and the remaining plan term. It'll be based on your Guaranteed Maturity Value plus remaining income payments to the end of the term less our costs to end the plan.
If you qualify for flexible drawdown, you may take this transfer value as a lump sum payment. This will be taxed as income. Your transfer value may be significantly less than your Guaranteed Maturity Value if you transfer out in the early years, or if investment conditions have worsened since the plan started.
At the start of the plan, you can choose the level of benefits that we'll pay if you die before the end of the term.
The death benefits that are available are:
You can phone us
Call our UK-based advisers for more information or a quote
0800 756 8083
Quoting offer code IELO
Textphone: 18001 0800 756 8083
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If you're a Financial Adviser please call:
0800 169 1111
Textphone: 18001 08001691111
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