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Provides a secure income over a set term, with a guaranteed value at maturity

Protected Retirement Plan

Protected Retirement Plan options

If your clients like the idea of receiving a guaranteed income and having control over their pension fund, our Fixed Term Annuity offers them more flexibility and access to their money. They'll have control over their plan and choice over what benefits they'll want to receive.

Conversion

Our conversion feature is included with all new contracts at no extra cost, and allows your client to end their existing plan and transfer out at any time should their circumstances change, so they:

  • Won’t have to wait until the plan is due to end if they don’t want to.
  • Can transfer out to another retirement product, or take as taxable cash, at any time, for any reason, as long as financial advice has been given. Conversion value is not guaranteed.

Income

  • Your client can choose from a number of options when they are paid their annuity.
  • You client can choose to have level income, receiving the same income amount throughout their annuity term.
  • Clients can choose to have their income increase each year by a fixed percentage, for example by 3%.
  • We’ll calculate an income level which aims to provide a guaranteed maturity value that if used to purchase a lifetime annuity, would provide an income to a similar level to that paid in this plan.
  • Your client can choose not to receive any income at all.

More about income options

Customer death benefits

Your client can choose to buy one or more of our optional death benefits at the start of the plan in case they pass away before the end of the term.

  • Beneficiaries Income -your client can choose to provide their spouse, civil partner or chosen beneficiary with an income.
  • Guaranteed period - your client can protect their income for a set period of time and if they pass away during this time, the remaining income will be paid as a lump sum.
  • Value protection - your client can protect up to 100% of their original investment if they pass away within the plan term.

Trustee death benefits

There doesn’t have to be a death benefit with the plan, but if it’s required your client can only ask the trustees to choose one type.

  • Value protection - up to 100% of the amount invested (less any income paid) payable if your client dies before the end of the plan.
  • Plan protection – If your client asks the trustees to choose this they will receive the income for the full plan term even if they die during this time. At the end of the plan term, the guaranteed maturity value will be paid to the scheme trustees, for them to reinvest or distribute at their discretion.
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FOR UK FINANCIAL ADVISERS ONLY
LV=, County Gates, Bournemouth, BH1 2NF, UK