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Protected Retirement Plan

Don't want to use your pension fund to buy an annuity immediately on retirement?

  • Get a fixed income for a specified period during your retirement
  • Choice of term and income with a guaranteed maturity value
  • At the end of the period, decide what your retirement needs are
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Why you might want to take out our Protected Retirement Plan

Our Protected Retirement Plan is a fixed term retirement product that you can buy with your pension fund.

If you don’t want to use your pension fund to buy an annuity immediately on retirement, you could consider investing in our Protected Retirement Plan.

You can then have another look at your retirement needs and when you've made a decision, you can use the guaranteed maturity value to buy an annuity, transfer to another drawdown pension arrangement or invest in another Protected Retirement Plan, if you're eligible.

Read the information below to find out more of the important things you should know about our Protected Retirement Plan.

Product features

  • To take our Protected Retirement Plan you must be aged 55 or over. Your beneficiary needs to be at least aged 40 when the plan starts if a beneficiary's income is included.
  • The term can be between 3 and 25 years.
  • There is no maximum age for buying our Protected Retirement plan.
  • You can choose to take a level income, an increasing income (up to 8.5% a year) or no income at all. If you choose a level income, or an income that increases each year less than inflation, your income may not keep up with the rising prices.
  • You can choose to receive your income monthly, quarterly, half-yearly or 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).
  • The minimum investment is £10,000 (after any tax-free cash has been taken).

Important information

  • We only accept funds from registered pension schemes - you can invest part or your entire pension fund in a Protected Retirement Plan.
  • If you transfer in and continue with a capped drawdown arrangement we may have to reduce your income and any beneficiary's income because of applying the GAD maximum income limit. If we do this we'll pay the difference between the full income and the restricted income, plus interest, when the plan ends. If you choose flexi-access drawdown the maximum income limit doesn't apply.
  • How much tax you pay depends on your personal circumstances. For details of how your plan will be taxed, please see the key features document. Ask your financial adviser for a copy of this.
  • Any references we make to taxation are based on our understanding of current legislation and HM Revenue and Customs practice, which can change. If the government changes the tax treatment of this plan, the income paid to you may fall.
  • By taking funds across the term of your plan, the guaranteed maturity value may not provide the income you need after this plan has ended.

Below is some more useful information about our Protected Retirement Plan that will help you in your decision.

  • This product provides you with a fixed income for a specified period. At the end of that time, if you're still alive, a guaranteed lump sum will be paid.
  • At the start of the plan you can choose an income for a specified period as well as a choice of death benefits. A guaranteed maturity value, which is a lump sum payment, will be paid at the end of the chosen length of the plan.
  • You can then have another look at your retirement needs and use the guaranteed maturity value to buy an annuity, transfer to another drawdown pension arrangement or invest in another Protected Retirement Plan, if you're eligible.
  • There is also a range of death benefit options available if you don't survive until the end of the plan.
  • The conversion option allows you to transfer out to another retirement product or take taxable cash at any time. The value may be considerably less than the guaranteed maturity value especially in the early years or if investment returns are less than expected.

To help you decide if this product is right for you read about the plan options or the Protected Retirement Plan information.

We offer a range of the protection, pension, annuity and investment products from the Liverpool Victoria group of companies. We also offer annuities and investments from a limited number of other companies.

Not sure what your options are?

Retirement Wizard Options Guide

You can phone us
Call our UK-based advisers for more information or a quote

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0800 756 8083
Quoting offer code IELO

TextDirect: 18001 0800 756 8083

8.30am - 6pm Monday to Friday

Existing customer?

If you're a Financial Adviser please call:
0800 169 1111
TextDirect: 18001 0800 169 1111

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

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Take a look through our articles full of helpful ideas and inspiration to help you enjoy a happy retirement.

Why choose LV=

  • Award-winning products
  • UK's largest friendly society

Policy documents

  • Key features
  • Terms and conditions

Professional advice

Speak to one of the our advisers to find out more about our Fixed Term Annuity.