Protected retirement plan options
Take control over your plan and choose which benefits you want to receive.
your options
Choice of income and term
guaranteed income
If you choose to invest your pension fund to provide a secure income, this will guarantee a level of income for a fixed term which can be used for efficient tax planning.
Your income options are:
- Level income or Escalating income between 0.5-8%
- Monthly, Quarterly, Half-yearly and Yearly frequency
- Payments made in advance or arrears
If you die during the chosen term, your plan will end and no further income or lump sum will be paid unless you add death benefits for income and guaranteed maturity value protection when buying our fixed term annuity. You can combine a guaranteed income with a guaranteed lump sum to give you more security.
guaranteed lump sum
You can invest your pension fund over a fixed term.
We guarantee the amount we’ll pay at the end of the term, so you'll know exactly what you’ll get back regardless of market conditions. The guaranteed lump sum value offered will depend on:
- the size of your invested pension fund
- the plan term
- your age
- how much income you choose
- any death benefits you include
At the end of your plan term, we'll pay the guaranteed maturity value and you can use this to buy another fixed term annuity, or explore your other retirement options like a lifetime annuity, transferring your pension to a drawdown or taking some or all of the value as a taxable lump sum.
You can combine a guaranteed lump sum with a guaranteed income.
Death Benefits
Worried about passing away before the end of the plan?
You can choose the level of benefits that we'll pay if you pass away before the end of the plan. To help you decide what benefits are right for you, read more about our optional death benefits.
Blended solutions
Our fixed term annuity is available on its own or as part of a blended solution, which allows you to combine multiple pension products into a single plan that is tailored to meet your retirement needs. The blended solution is becoming an increasingly popular as a way to achieve the perfect balance of security and flexibility.
This solution enables you to secure a guaranteed income or lump sum for a fixed term with part of your fund, and invest the rest for growth.
Conversion feature
This feature is automatically included, so there's no extra charge and no need to opt in. The value may be significantly less than the guaranteed maturity value, or even the original investment, if you use the conversion feature in the early years or if investment conditions worsen.
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