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Fix for 5 years for a great rate with us.

Talk to our specialists now on 08000 850250 or

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

Protected Retirement Plan

Fixed Term Annuity options

Anytime conversion feature

Our free conversion feature included with all new contracts, 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 a taxable cash lump sum at any time, for any reason, as long as financial advice has been given

Find out more about the anytime conversion feature

Value protection

  • Protects the value of an annuity should you client die earlier than expected by returning the original purchase price minus payments already paid.
  • Your client can choose at the outset how much they want to protect.

Find out more about value protection

Guarantee period

  • Your client can choose to receive their income for a minimum period even if they die during this time. This is the ‘guarantee period’ and can be paid for up to 10 years.
  • If your client dies within this time, we’ll normally pay the remaining income as a lump sum.
  • However, if your client has chosen capped drawdown with a beneficiary's income and their beneficiary is eligible to receive an income when they die, we’ll pay the remaining income under the guaranteed period as continued income.
  • If your client chooses this option, their starting income will be lower than if they don’t select this option.
  • Also, the longer the guaranteed payment period they choose, the lower the starting income will be.

Beneficiary’s annuity

  • Your client can choose to provide their spouse, civil partner, or beneficiary with an income when your client dies, which we pay to the dependant until they die.
  • The higher the level of beneficiary’s annuity your client chooses, the lower the starting income will be.
  • Our key features document contains more information on the beneficiary's annuity.

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 up with inflation and may buy less in the future.

Increasing income

  • Your client can choose for their income to increase each year by a fixed percentage, for example by 3%.
  • The maximum you can choose is 8.5%.
  • This option will provide a lower starting income but the income we pay will increase each year on the income review date.
  • The first income review date is normally the anniversary of the date we start paying your client’s income.
  • 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.

08000 850 250

TextDirect: first dial 18001

8.30am - 5.30pm Monday - Friday

We may record and/or monitor calls for training and audit purposes.

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