LV= uses cookies to give you the best experience online and to provide anonymised, aggregated site usage data. You can find out what cookies we use and how you can disable them in our Cookie Policy. By continuing to use our website, you agree to our use of cookies in accordance with our cookie policy unless you have disabled them.

skip to main content

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 at a glance

Unsure if the product is right for your client? Our table below sets out our product at a glance to help you make an informed comparison.

Fixed Term Annuity

Minimum age at entry


Maximum age at entry



Your client must:

  • be investing funds built up in a UK registered pension scheme
  • not be living in the USA when the plan starts


Between 3 and 25 years*

Minimum purchase price

£10,000 (The amount after tax-free cash taken)

Applications over £500,000 are reviewed on an individual basis

Guaranteed maturity value

When the plan is set up, we’ll calculate the guaranteed maturity value at the end of the plan term. This is based on the purchase price, term of the plan and the options chosen.

The guaranteed maturity value depends on:

  • the size of the pension fund invested in a plan
  • the plan’s term
  • the client’s age
  • how much income they choose, if any, and when they choose it to be paid, for example, monthly
  • the death benefit options they choose
  • investment markets at commencement

This value is guaranteed at the start of the plan and isn’t subject to changes in investment conditions over the chosen term.

Investment methods

A plan can only be bought with pension savings:

  • from a transfer of un-crystallised benefits from a registered pension scheme
  • from a transfer of an existing drawdown pension fund
  • as an investment within a SIPP wrapper

For pension transfers your client must be living in the UK when the plan starts.


Your clients can:

  • choose to take a level income, an increasing income (up to 8.5% a year) or no income at all
  • for capped drawdown, choose an income which (subject to GAD limits) will be guaranteed whilst they're alive for the plan term
  • for Flexi-access drawdown, there is no maximum income limit as long as the selected amount is sustainable throughout the chosen term

Income frequency

Your client can choose to receive their income:

  • Monthly
  • Quarterly
  • Half-yearly
  • Yearly

The first income payment can be paid either as soon as the plan starts (known as in advance) or at the end of the payment period (known as in arrears).

Value protection

This lets the client protect all or part of the fund used to buy the annuity when they die.

More information on value protection

Beneficiary’s Pension

An annuity can be chosen to provide the client’s spouse/civil partner or beneficiary with an income when they die.

Guarantee period

A guarantee period can be chosen so a one-off lump sum, or a continual income is paid for a set term if the client dies during the chosen period.

Adviser charging

Initial charge


If you’re unsure if the product is right for your client, you can speak to the LV= Retirement Desk on 08000 850 250 or email us at [email protected] and we’ll be happy to help. Our lines are open from 8.30am to 5.30pm Monday to Friday. For TextDirect, first dial 18001.

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.



LV=, County Gates, Bournemouth, BH1 2NF, UK