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Protected Retirement Plan

Fixed Term Annuities FAQs

Here are some of the questions we hear the most from advisers when talking about our fixed term annuity.

Can my client transfer their plan?

Yes. Our conversion option allows your client to end their existing plan and transfer out at any time. So they won’t have to wait until their plan is due to end if they don’t want to. They can transfer out to another retirement product, or take as taxable cash, at any time, for any reason.

What is the maximum income my client can take from their plan?

All new pension funds being invested into a fixed term annuity are set up under flexi-access drawdown, which means there’s no limit to the amount of income available from the plan. The max income your client receives will depend on:

  • The amount they invest in the plan
  • The plan term they choose, and
  • The lump-sum they want to receive when their plan ends (if they want one).

If your client already has a capped drawdown fund, which they want to transfer into a capped drawdown fixed term annuity, we may have to restrict a client’s chosen income, or their beneficiary’s income, as a result of applying limits set by law and the Government Actuary’s Dependant (GAD).

The limit is based on an individual’s age, pension fund size and the annuity rates set by GAD. At each income review date we have to review the client’s income, or their beneficiary’s income, to make sure we don't pay more than 150% of the GAD limit (which we call the ‘GAD maximum’). Also, at each GAD review date, which is normally every 3 years until your client reaches age 75 and yearly thereafter, we have to calculate a new GAD maximum.

Can my client hold their fixed term annuity within a SIPP?

Yes, we offer a trustee version of our fixed term annuity, which can be held within a SIPP (this can be the LV= Flexible Transitions Account or an external SIPP). The fixed term annuity will pay any income into the SIPP bank account, giving your client greater control and flexibility over their income. Some of the options available under the trustee version of the plan are different from those we offer for the standalone version, so please refer to the trustee Key Features and Plan Conditions documents for more information.

Got a question?

Call the Retirement desk on 0800 085 0250

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A summary of the relevant product information about the customer and trustee versions of our Protected Retirement Plan, in accordance with the Insurance Distribution Directive.

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Liverpool Victoria Financial Services Limited, registered in England with registration number 12383237. County Gates, Bournemouth, BH1 2NF, UK