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Protected Retirement Plan death benefits

We know it's a tough topic, but we'll make it a little easier

when the plan ends

Worried about passing away before the end of the plan?

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

If you're unsure which benefits would be best for you, please speak to an adviser.

Value protection

You can protect up to 100% of your original investment if you pass away within the plan term

  • The lump sum payable will be the initial amount used to purchase the Protected Retirement Plan (or you can choose to protect a proportion of this amount), less the total amount of income paid.

Plan protection

Plan protection provides the option to protect 100% of the PRP income and/or guaranteed maturity value if the member dies before the plan ends

Plant, toy, and a piggy bank
You can choose to protect some or all of the plan income and/or guaranteed maturity value, by including plan protection when you set up a Protected Retirement Plan. Plan Protection means if you die during the plan term, any income will continue to be paid for the remainder of the plan term, as well as payment of the guaranteed maturity on the maturity date.
If the chosen beneficiary(s) (or trustees, if this is to be held as an investment) do not want or are unable to continue with the plan, they can utilise the conversion option and end the plan immediately, thereby swapping the remaining income and/or guaranteed maturity value for a lump sum.

Taxation information

If you die before age 75, any lump sum will be paid tax free 

If you die at age 75 or older, the beneficiary will pay income tax at their personal rate.

  • Tax treatment depends on your personal circumstances. Any references to taxation are based on our understanding of current legislation and HM Revenue & Customs practice, which can change.

Financial advice

Need help?

Have a commitment-free chat with one of our friendly advisers today. Start your conversation by giving us a little more detail.

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