information

We use cookies to give you the best possible experience online. By continuing to use our website, you agree to receiving our cookies on your web browser. Visit our cookie policy page to find out more and how to change your cookie settings.

skip to main content

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

Protected Retirement Plan

Income options

When we pay the income

We can pay your client's annuity income:

  • Every month
  • Every three months
  • Every six months
  • Every year

We can either pay the first income payment as soon as we receive the money for the policy (in advance), or at the end of the first payment period (in arrears).

Level income

  • Your client can choose to have their income stay the same throughout the term of their annuity.
  • This option will provide a higher starting income than an increasing income.
  • However if your client chooses a level income, it won’t keep pace with inflation and it’s buying power will reduce in the future.

Increasing income

  1. Your client can choose for their income to increase each year by a fixed percentage, for example by 3%.
  2. The maximum you can choose is 8.5%.
  3. This option will provide a lower starting income but the income we pay will increase each year on the income review date.
    1. The first income review date is normally the anniversary of the date we start paying your client’s income.
    2. If they’ve already taken benefits from the pension fund they’re transferring, your client’s first income review date is the anniversary of when their maximum income level was last reviewed.

Default income

If your client chooses this option, 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.

  • We’ll calculate this using our current annuity rates and will take into account any options your client has selected on this plan – such as death benefits or an increasing income.

No income

  • Your client can choose not to receive any income at all.
  • In this case, we won't pay out anything unless they're still alive at the maturity date.
  • If your client dies before the end of the plan and they've chosen a lump sum death benefit, we'll pay this instead.
Graph icon

LV= Retirement Pathfinder

A free and impartial retirement modelling tool to help you and your clients create, view and analyse different retirement scenarios.

More about Pathfinder

Money icon

Blended Solutions

The retirement landscape has fundamentally changed for the better, giving customers more choice and control over their retirement income.

More on Blended Solutions

LV= icon

Retirement Hopscotch

Hopscotch is the effective way for you to guide your clients through the maze of retirement options they face, making it easier to structure retirement income.

More about Hopscotch

Heart icon

LV= Retirement Account

The easy way for professional advisers to recommend and deliver a wide combination of LV= retirement income products in one simple account

More on the LV= Retirement Account

Connect with us

About retirement

Vimeo logoLinkedIn company logoTwitter icon showing a bluebird

FOR UK FINANCIAL ADVISERS ONLY
LV=, County Gates, Bournemouth, BH1 2NF, UK