Enhanced Annuities. Contact us at 1

Size: px
Start display at page:

Download "Enhanced Annuities. Contact us at info@justretirement.co.za 1"

Transcription

1 This brochure gives a brief explanation of Just Retirement Enhanced Annuities, all of which provide a guaranteed income for life. It explains who may qualify for a higher retirement income from this product compared to standard Guaranteed Life Annuity products, and what options you may choose from. This brochure provides information and not advice if you require advice, you should contact a financial adviser, or the person assigned by your retirement fund to provide advice. Why consider a Just Retirement Enhanced Annuity? When you reach retirement, you can choose between two broad annuity types that will pay you an income in your retirement: Guaranteed Life Annuities, which guarantee you an income for your remaining lifetime that may increase depending on the rules of the product that you choose. These products are designed for those who need a guaranteed level of income to pay recurring monthly expenses such as rent, groceries, water and electricity, health care, transport and insurance. Investment Linked Living Annuities, which have no guarantees and pay out a portion of your retirement savings each year. These products are designed for retirees who have substantial savings after meeting their recurring monthly expenses, or have a severe terminal illness, mainly for the purpose of transferring retirement fund assets to their dependants on death, or for managing tax over their retired lifetime. However, the standard Guaranteed Life Annuities in the market do not always price for important individual client differences. Large players in the annuity market rate individual purchasers only by age and sex expensive for the poor and sick, who may either subsidise the rich and healthy if they purchase annuities or be excluded from the market entirely (Enabling a better income in retirement, National Treasury, 21 September 2012). As a result, even people who do not have substantial savings, nor are terminally ill, have chosen to take Living Annuities. National Treasury is concerned that most South Africans who purchase living annuities face a substantial risk of outliving their assets (Enabling a better income in retirement, National Treasury, 21 September 2012). But a Just Retirement Enhanced Annuity gives you the option to purchase a guaranteed income for life that is priced fairly, based on your individual circumstances. This means you may qualify for a higher guaranteed income for life than a standard Guaranteed Life Annuity provides. Contact us at 1

2 Understanding the Just Retirement Enhanced Annuity Over 1500 medical, socio-economic and lifestyle factors either individually or in combination could qualify you for a Just Retirement Enhanced Annuity. These include: medical factors such as heart attacks, cancer, and significant cholesterol levels socio-economic factors such as household income and formal educational training lifestyle factors such as alcohol consumption and smoking. If you have suffered penalties and extra loadings for life insurance during your working career due to your health or lifestyle factors, it is only just that you should be compensated for this when you are receiving retirement income. You deserve a just retirement. A Just Retirement Enhanced Annuity takes into account your state of health, socio-economic and lifestyle factors, as well as age and gender to determine your life expectancy, and therefore the amount of retirement income that can be guaranteed for life. Just Retirement will prepare an Enhanced Annuity quotation specifically for you. You will need to complete a short questionnaire about your state of health and lifestyle, and the information on this questionnaire will be used to determine your annuity amount. If you qualify, your retirement income may be higher than that offered by a standard annuity. Please see our separate brochure on A few case studies of people who qualify for enhanced annuities, higher guaranteed income for life, from Just Retirement. Appendix A, Annuity types, explains how Just Retirement Enhanced Annuities fit into the full spectrum of annuity types. Appendix B answers frequently asked questions. Contact If you would like further information on securing a just retirement, please contact us at Please see our separate brochure on A few case studies of people who qualify for enhanced annuities, higher guaranteed income for life, from Just Retirement. Visit 2

3 Appendix A: Annuity types At retirement date, if you have been contributing to a defined contribution pension fund, you are required by law to buy an annuity with at least two thirds of your total retirement savings. You can select from a range of annuity types: Investment Linked Living Annuities (ILLAs) Guaranteed Life Annuities, which Just Retirement offer as Enhanced Annuities. You have the option to purchase different increase profiles: Level Annuities Fixed Escalation Annuities Inflation-Linked Annuities With-Profit Annuities. How these vary from each other, and the advantages and disadvantages of each, are summarised here: Investment Linked Living Annuities These products are designed for those who have substantial savings after meeting their recurring monthly expenses, or have a severe terminal illness, mainly for the purpose of transferring retirement fund assets to their children on death, or for managing tax over their retired lifetime. A Living Annuity allows you to choose your own investment portfolio and draw a percentage of your annuity assets each year (subject to minimum and maximum limits) as retirement income. It also has a death benefit where the remaining balance of the assets is paid to your nominated beneficiaries on your death. The flexibility offered by a Living Annuity can be appealing, but there is no guarantee that your income can be maintained at the current level for life. In fact, it will reduce, possibly significantly, if: you live for longer than expected; there is a crash in the market that reduces the value of your investment portfolio; or you draw a percentage of assets as monthly income that is unsustainable over your lifetime. However, if you are already in a Living Annuity, you are not obliged to remain in this type of annuity you have the option to change to a Guaranteed Life Annuity (including a Just Retirement Enhanced Annuity) at any point before you reach the age of 85. Guaranteed Life Annuities (which Just Retirement offer as Enhanced Annuities) These products are designed for those who need a guaranteed level of income to pay recurring monthly expenses such as rent, groceries, water and electricity, health care, transport and insurance. In contrast to Living Annuities, Guaranteed Life Annuities provide a guaranteed income for life and depending on the type selected, guaranteed annual increases to your monthly income. The insurer carries the full risk of the investment performance, except in the case of a With-Profit Annuity where the insurer and you share some of the risk and return. Guaranteed Life Annuities differ based on the type of annual increase: With Level Annuities you elect to have a fixed or level amount of income paid out every month. This allows for a high rate of income at the start of the annuity, but without an annual increase in place, inflation will erode the buying power of the income over time. At 6% inflation per annum, this means that your purchasing power will be halved over 12 years. These products are designed for the very few people whose expenses are relatively fixed in retirement, or who have another way of protecting themselves against inflation (for example, substantial other forms of savings). With Fixed Escalation Annuities you select the percentage, for example 5%, by which your annuity payment will increase annually, and the annuity will continue to increase by this percentage every year for as long as you live. Here your greatest risk is that inflation increases significantly above the 5% per annum for which you are covered. In selecting this option your initial monthly annuity amount will be less than if you selected a level annuity. These products are designed as a potentially cheaper way of obtaining partial protection against inflation if full protection cannot be afforded. Inflation-Linked Annuities give you guaranteed future increases in line with Consumer Price Index (CPI) inflation. These annuities offer full protection against consumer price inflation. However, the inflation which you experience depends on how your regular expenses increase relative to CPI. For example, for a number of years, medical inflation has been much higher than CPI. These products are designed to offer protection against a commonly used measure of inflation. Contact us at 3

4 Appendix A: Annuity types With-Profit Annuities provide a guaranteed income for life, which is increased every year through participation in future investment and mortality profits. Once declared, pension increases cannot be taken away and pensions will never decrease. These products are designed to offer exposure to investment markets, as a potentially cheaper means of targeting increases that are hoped to keep pace with inflation. Your financial adviser can advise you on how the track record of these products, when purchased at a particular post-retirement interest rate, compares to CPI. It is important to remember that investment markets can go up as well as down: if markets go down, your income will not reduce, but your future increases may be less than anticipated at inception. Annuities at a glance The following table sets out the risks which you face in retirement and whether the particular annuity type provides cover for those risks: Risks Living longer than expected Priced using your health/lifestyle factors Investment return less than expected Inflation Living Annuity Guaranteed Life Annuities Level Fixed escalation Inflation linked With profit Just Retirement Enhanced Annuities Level Fixed escalation Inflation linked No Yes Yes Yes Yes Yes Yes Yes Yes No No No No No Yes Yes Yes Yes With profit No Yes Yes Yes Partial Yes Yes Yes Partial No No Partial Yes Partial No Partial Yes Partial Any person at retirement should carefully consider all the types of annuities available. You will want an annuity that is fair and just and that provides you with the best possible retirement income and protection against the various risks set out in the table. This brochure provides information and not advice if you require advice, you should contact a financial adviser, or the person assigned by your retirement fund to provide advice. Visit 3

5 Appendix B: Frequently asked questions What is an Enhanced Annuity? What are my options? An Enhanced Annuity is a life insurance product purchased with qualifying retirement savings*. An Enhanced Annuity gives you a guaranteed income in the form of a series of regular payments for the rest of your life. *What are qualifying retirement savings? Retirement savings from the following sources can be used to purchase an annuity: Pension/Provident Fund Preservation Fund Retirement Annuity Living Annuity (ILLA: Investment Linked Living Annuity). How will it work for me? You will receive a personal quote which shows how much income you could receive based on an assumed value of your total retirement savings. So if the actual value of your retirement savings is higher or lower than the amount displayed in your quote, the amount to be paid monthly will be higher or lower. Should you decide to buy an Enhanced Annuity from Just Retirement you should request that your retirement savings be paid to us by the company that currently administers these retirement savings. Your financial adviser will assist you with this request. Should you be purchasing an annuity with your retirement savings from your retirement fund, your savings may be subject to tax and tax legislation and the specific rules of your retirement fund will determine what options are available to you. Should you be transferring your retirement savings from a living annuity the transfer will be tax neutral (i.e.) there will be no tax implications. The full investment value of the living annuity at the date of transfer will be available to purchase an Enhance Annuity. You have a range of options: To use the whole of your qualifying retirement savings to buy an annuity for the rest of your life; To take a tax-free lump sum from the fund directly (if the rules of your existing pension allow this) and use the remaining savings to buy an annuity for the rest of your life; To start off with a lower retirement income which increases each year by a fixed percentage (Fixed Escalation Annuity); To start off with a lower retirement income which increases in line with inflation, but will not decrease. This helps you to protect your purchasing power (Inflation Linked Annuity); To start off with a lower retirement income which increases in line with the investment performance of a with-profit fund, but will not decrease (With Profit Annuity); To take a lower retirement income for yourself in exchange for a spouse s pension if you die before your spouse; To start off with a lower retirement income but with a guarantee that it will be paid for an agreed number of years (for example, five years) even if you die before then. Contact us at 4

6 Appendix B: Frequently asked questions How is an Enhanced Annuity different to a standard Guaranteed Life Annuity or Conventional Annuity? A standard Guaranteed Life Annuity or Conventional Annuity works the same as an Enhanced Annuity, except in the way the monthly retirement income is determined upfront. Both take account of your age and gender. However, an Enhanced Annuity is different, because it also takes account of your personal health, socio-economic and lifestyle factors. How is an Enhanced Annuity different to an Investment Linked Living Annuity (ILLA)? An Enhanced Annuity gives you a guaranteed income for life. An ILLA allows you to choose your investment portfolio and to draw income from your retirement savings pot within certain limits, but does not guarantee you an income for life. How long do I have to make up my mind? The quote from Just Retirement is valid for 14 days. If we receive the completed application form and funds from the administrator of your retirement savings after the quote has expired, we will recalculate your income at the prevailing interest rates. If the revised annuity amount reduces by more than 5% because of this, we will immediately send your financial adviser a revised quote, which will also show how long you have to make your decision and will ask if you still want to go ahead. What should I do if I want to see other quotes? If you would like further details on any of the other options mentioned here, your financial adviser can give you additional quotes. How do I decide which option is right for me? Your financial adviser can give you quotations to show you how much income you could receive under each option. The options listed above will each provide a different amount of retirement income. You should take this into account and consider it in the light of your needs and personal circumstances, such as your health and that of your spouse. It is important to get advice from your financial adviser when choosing an option. If I choose to go ahead with Just Retirement, is my decision final? Once we have received your signed application form and your purchase amount, and the Enhanced Annuity has been set up, the decision will be final. The policy cannot be cancelled and you will not then be able to change your mind. Visit 4

7 Appendix B: Frequently asked questions What legal framework governs annuity payments? All income will be paid in line with current long-term insurance legislation and rules laid down by the South African Revenue Service (SARS). Contact If you would like further information on securing a just retirement, please contact us at What service will Just Retirement provide? Just Retirement will: guarantee to pay your Enhanced Annuity for the agreed amount on a monthly basis for the rest of your life or for the guarantee period (if you selected this option at inception) if this is longer; increase the Enhanced Annuity payment by the appropriate amount each year, if you selected this option at the start; pay an income to your spouse in the event of your death, if you selected this option at the start. (This will start from the end of the guarantee period, or your month of death if later); and account for tax at the appropriate rate based on your personal tax status and issue an annual tax certificate. Contact us at 4

HOW MUCH WILL MY PENSION BE?

HOW MUCH WILL MY PENSION BE? HOW MUCH WILL MY PENSION BE? The monthly pension you receive will depend on: How much of retirement benefit you decide to use for a pension benefit In the case of a life annuity the provision you make

More information

Index Page No. There are different types of compulsory annuities/pensions that you can buy, these are grouped within two main classes:

Index Page No. There are different types of compulsory annuities/pensions that you can buy, these are grouped within two main classes: RETIREMENT INCOME PLANS Key Features of Compulsory Annuities Index Page No. 1. Introduction 1 2. Choice 1 3. Conventional Compulsory Annuities 2 4. Living Annuities (LAs) 3 Annexure A 4 A. How does a conventional

More information

GUIDE TO ANNUITIES. This guide is designed to provide you with the basic information you need to start thinking about your retirement opportunities.

GUIDE TO ANNUITIES. This guide is designed to provide you with the basic information you need to start thinking about your retirement opportunities. GUIDE TO ANNUITIES It takes many years of planning, saving and sacrifice to build up a significant pension and, after all those years, you want to be sure you are making the most of it. This guide is designed

More information

Key Features. Pension Annuity. This brochure outlines the key features of the Just Retirement Pension Annuity. Contents

Key Features. Pension Annuity. This brochure outlines the key features of the Just Retirement Pension Annuity. Contents Pension Annuity Key Features This brochure outlines the key features of the Just Retirement Pension Annuity. The Financial Conduct Authority is a financial services regulator. It requires us, Just Retirement,

More information

Options available to members on leaving their retirement fund

Options available to members on leaving their retirement fund Options available to members on leaving their retirement fund Applicable to members leaving post March 2009 The contents of this document This document explains the different options you have available

More information

Key Features. Pension Annuity. This brochure outlines the key features of the Just Retirement Pension Annuity. Contents

Key Features. Pension Annuity. This brochure outlines the key features of the Just Retirement Pension Annuity. Contents Pension Annuity Key Features This brochure outlines the key features of the Just Retirement Pension Annuity. The Financial Conduct Authority is a financial services regulator. It requires us, Just Retirement,

More information

A guide to your retirement options

A guide to your retirement options A guide to your retirement options I have been looking forward to my retirement but now I am worried about making the right choice See your options page 4. Cathy has stood by me through the good times

More information

Financial Planning & Guidance. A Guide to Annuities. Creating your success through Financial Planning

Financial Planning & Guidance. A Guide to Annuities. Creating your success through Financial Planning & Guidance TA Contents I m approaching retirement, what are my financial options? 02 What is a Financial Broker? 03 Why would I need to use a Financial Broker? 03 What is an annuity? 05 A Guide to Annuities

More information

A guide for customers

A guide for customers Pension Annuity A guide for customers Guaranteed income for life Pension Annuity If you re thinking... I want a secure income that is guaranteed to be paid for life, and I m not in the best of health.

More information

Accessing your Additional Voluntary Contribution (AVC)

Accessing your Additional Voluntary Contribution (AVC) Accessing your Additional Voluntary Contribution (AVC) Accessing your AVC savings Now is the time to start making decisions about your retirement and your future. One of the most important things to think

More information

Financial Planning & Guidance. A Guide to Annuities. Creating your success through Financial Planning

Financial Planning & Guidance. A Guide to Annuities. Creating your success through Financial Planning & Guidance TA Contents I m approaching retirement, what are my financial options? 02 What is a Financial Broker? 03 Why would I need to use a Financial Broker? 03 What is an annuity? 05 A Guide to Annuities

More information

Key Annuities Features of the Just Retirement

Key Annuities Features of the Just Retirement Key Annuities Features of the Just Retirement Make Fixed Term your retirement Annuity income the best it can possibly be This brochure outlines the key features of the Just Retirement Fixed Term Annuity.

More information

25 Must Ask Annuity Questions

25 Must Ask Annuity Questions 25 Must Ask Annuity Questions When Can I Buy An Annuity? Who Is The Best Annuity Provider? Why Do I Need Advice? 1. What is an Annuity? If you have a private pension when you retire you can purchase an

More information

RETIREMENT INCOME PLANS

RETIREMENT INCOME PLANS The formula for successful investing RETIREMENT INCOME PLANS PERFORMANCE PROTECTION EFFICIENCY CHOOSE YOUR FUNDS AND INCOME IN RETIREMENT OR BUY A GUARANTEED INCOME FOR LIFE Discovery Invest is an award

More information

THE TRUSTEES RECOMMEND THAT YOU ASK FOR THESE QUOTES TO BETTER UNDERSTAND YOUR OPTIONS. THERE IS NO OBLIGATION TO ACCEPT THE QUOTES.

THE TRUSTEES RECOMMEND THAT YOU ASK FOR THESE QUOTES TO BETTER UNDERSTAND YOUR OPTIONS. THERE IS NO OBLIGATION TO ACCEPT THE QUOTES. Annexure 1- Detailed Guide CAPE PENINSULA UNIVERSITY OF TECHNOLOGY RETIREMENT FUND COMMISSION FREE PENSION QUOTATIONS When you reach retirement, you will face a difficult decision as to what pension to

More information

All about Annuities. What annuity products are available from Irish Life? What is an annuity?

All about Annuities. What annuity products are available from Irish Life? What is an annuity? All about Annuities Irish Life appreciates that you have worked hard to save for your retirement. Deciding what to do with your pension fund is one of the most important decisions you will have to make.

More information

ALL ABOUT ANNUITIES JUNE 2015 WHAT ANNUITY PRODUCTS ARE AVAILABLE FROM IRISH LIFE?

ALL ABOUT ANNUITIES JUNE 2015 WHAT ANNUITY PRODUCTS ARE AVAILABLE FROM IRISH LIFE? PENSIONS INVESTMENTS LIFE INSURANCE ALL ABOUT ANNUITIES JUNE 2015 Irish Life appreciates that you have worked hard to save for your retirement. Deciding what to do with your pension fund is one of the

More information

MANAGING YOUR BENEFITS AT RETIREMENT AT NORMAL RETIREMENT AGE OR EARLIER

MANAGING YOUR BENEFITS AT RETIREMENT AT NORMAL RETIREMENT AGE OR EARLIER MANAGING YOUR BENEFITS AT RETIREMENT AT NORMAL RETIREMENT AGE OR EARLIER Managing your benefits at retirement If you retire at your normal retirement age, or earlier A step-by-step guide to retiring from

More information

Guide to Annuity Purchase

Guide to Annuity Purchase Fiducia Wealth Management Limited Guide to Annuity Purchase September 2012 For Professional Advisers Only Fiducia Wealth Management Ltd. Dedham Hall Business Centre, Brook Street, Colchester, Essex, CO7

More information

Guaranteed Annuity. An income for life that will never fall

Guaranteed Annuity. An income for life that will never fall Guaranteed Annuity An income for life that will never fall 1 2 A guide to our Guaranteed Annuity Introducing Retirement Advantage Previously known as MGM Advantage and Stonehaven, we are a wellestablished

More information

RETIREMENT FUND MEMBER INFORMATION

RETIREMENT FUND MEMBER INFORMATION RETIREMENT FUND MEMBER INFORMATION OPTIONS ON RESIGNATION, RETRENCHMENT OR DISMISSAL If you resign, or are retrenched or dismissed, your membership of your retirement fund will come to an end. The fund

More information

Key Features Document

Key Features Document Keyfacts Key Features Document Transact Section 32 Buy Out Bond IntegraLife UK Limited A firm authorised and by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and

More information

momentum capital protector annuity

momentum capital protector annuity momentum capital protector annuity technical investment guide wealth Annuities create financial wellness by protecting your income against market fluctuations and making sure that you have an income for

More information

DISCOVERY RETIREMENT OPTIMISER

DISCOVERY RETIREMENT OPTIMISER The formula for successful investing DISCOVERY RETIREMENT OPTIMISER PERFORMANCE PROTECTION EFFICIENCY MAXIMISE YOUR RETIREMENT SAVINGS USING YOUR LIFE PLAN Discovery Invest is an award winning provider

More information

The Fiducia Guide to Retirement Planning

The Fiducia Guide to Retirement Planning The Fiducia Guide to Retirement Planning September 2012 Fiducia Wealth Management Limited Dedham Hall Business Centre, Brook Street Colchester, Essex, CO7 6AD Fiducia Wealth Management Limited is authorised

More information

Customer guide to annuities. Understanding your options

Customer guide to annuities. Understanding your options Customer guide to annuities Understanding your options { 2 This guide is intended to provide an overview of your options at retirement, explain the various products available and point out their main advantages

More information

Options available when deciding to take pension benefits

Options available when deciding to take pension benefits Options available when deciding to take pension benefits You can now use the money that has built up in your pension fund to provide you with an income in retirement. An income can be provided in any of

More information

RETIREMENT PLANS PERFORMANCE PROTECTION EFFICIENCY

RETIREMENT PLANS PERFORMANCE PROTECTION EFFICIENCY RETIREMENT PLANS PERFORMANCE PROTECTION EFFICIENCY SAVE FOR RETIREMENT AND PROTECT YOUR INVESTMENT Invest is an award winning provider of investment products in South Africa and is part of the Group. Our

More information

Annuities. A Quick Guide. CIB Retirement Solutions

Annuities. A Quick Guide. CIB Retirement Solutions CIB Retirement Solutions Annuities A Quick Guide CIB Retirement Solutions Beta House, Laser Quay, Culpeper Close, Rochester, Kent. ME2 4HU Tel: 01634 729990 Fax: 0845 528 1116 Email: pensions@cibretirement.com

More information

Key Features of the Just Retirement. Key Features of the Just Retirement Fixed Term Annuity

Key Features of the Just Retirement. Key Features of the Just Retirement Fixed Term Annuity Key Features of the Just Retirement Fixed Term Annuity This brochure outlines the key features of the Just Retirement Fixed Term Annuity. The Financial Conduct Authority is a financial services regulator.

More information

A guide to annuities and your options at retirement

A guide to annuities and your options at retirement Providing Financial Education A guide to annuities and your options at retirement This guide is designed to provide the basic information you need to start investigating your retirement opportunities.

More information

Guide to Buying a Pension Annuity

Guide to Buying a Pension Annuity Guide to Buying a Pension Annuity Contents Introduction 01 1. Pension Annuities 02 What is an Annuity? 02 Who Needs to Buy an Annuity? 02 Who Doesn t Need to Buy an Annuity? 02 Where Do You Buy an Annuity?

More information

A Guide to Retirement Options. Contents

A Guide to Retirement Options. Contents A Guide to Retirement Options Contents 2. Quick Guide 5. Lifetime Annuities (Secured Pension) 6. Single Life and Joint Life Annuities 6. Level and Escalating Lifetime Annuities 6. Impaired Life and Enhanced

More information

Basic Guide to Retirement Income Options

Basic Guide to Retirement Income Options Basic Guide to Retirement Income Options Can I afford to retire? Which retirement income solution is best for me? Should I take all my tax-free cash entitlement? Will my family benefit from my pension

More information

Key Features. Pension Annuity. This brochure outlines the key features of the Just Retirement Pension Annuity. Contents

Key Features. Pension Annuity. This brochure outlines the key features of the Just Retirement Pension Annuity. Contents Pension Annuity Key Features This brochure outlines the key features of the Just Retirement Pension Annuity. The Financial Conduct Authority is a financial services regulator. It requires us, Just Retirement,

More information

Conventional Lifetime Annuity Options Your Questions Answered

Conventional Lifetime Annuity Options Your Questions Answered Conventional Lifetime Annuity Options Your Questions Answered 0845 077 7077 (8.30am-6pm weekdays) Calls may be recorded for training and monitoring purposes. www.425fs.co.uk Contents 1. Introduction to

More information

Our guide to. buying an annuity

Our guide to. buying an annuity Our guide to buying an annuity 2 Our guide to buying an annuity Contents Introduction 3 Pension reforms Thinking about retirement 3 Money and budgeting How can we help? Your retirement timeline Key questions

More information

KEY GUIDE. Financial protection for you and your family

KEY GUIDE. Financial protection for you and your family KEY GUIDE Financial protection for you and your family Protecting what matters most Life and health insurance protection underpins most good financial planning. These types of insurance can ensure that

More information

Conventional Lifetime Annuity Options Your Questions Answered

Conventional Lifetime Annuity Options Your Questions Answered Conventional Lifetime Annuity Options Your Questions Answered 0800 014 7470 0333 014 6267 am-5.30pm weekdays. Calls may be recorded for training and monitoring purposes. www.425fs.co.uk Contents 1. Introduction

More information

Retirement from the SAMRO RETIREMENT ANNUITY FUND

Retirement from the SAMRO RETIREMENT ANNUITY FUND Retirement from the SAMRO RETIREMENT ANNUITY FUND The Samro Retirement Annuity Fund provides benefits for members who elect to retire from the Fund. The aim of this document is to provide members with

More information

Useful information about your retirement options

Useful information about your retirement options Your Options at Retirement Useful information about your retirement options It s important that you read and understand this brochure as it explains: Annuities and how they work Using the Open Market Option

More information

Personal Retirement Bond

Personal Retirement Bond Personal Retirement Bond Customer Guide This Customer Guide is to be read in conjunction with the Fund Guide. Introduction This guide applies to the Personal Retirement Bond. Zurich Life Assurance plc

More information

Important information. Key Features of the Guaranteed Pension Annuity

Important information. Key Features of the Guaranteed Pension Annuity Important information Key Features of the Guaranteed Pension Annuity Important information The Financial Conduct Authority is a financial services regulator. Prudential is required to give you the important

More information

Annuity PENSIONS INVESTMENTS PROTECTION

Annuity PENSIONS INVESTMENTS PROTECTION Annuity About Canada Life Established in 1903, the Canada Life Group has grown to be a modern and dynamic international financial services business. We are part of Great-West Life, one of the world s leading

More information

Buying a pension annuity

Buying a pension annuity Buying a pension annuity Why do I need to think about buying a pension annuity? When you come to retire, you will have some important decisions to make. Probably most important of all is how you will generate

More information

Important information. Key Features of the Income Choice Annuity

Important information. Key Features of the Income Choice Annuity Important information Key Features of the Income Choice Annuity Important information The Financial Conduct Authority is a financial services regulator. Prudential is required to give you the important

More information

Your options at retirement

Your options at retirement UPDATED: 6 April 2015 NEW pension freedoms Your options at retirement How to take tax-free lump sums and income, under new pension freedoms One College Square South, Anchor Road, Bristol, BS1 5HL www.hl.co.uk

More information

No selling. No jargon.

No selling. No jargon. January 2008 Our guides here to help you About the Financial Services Authority. Everyday money. Saving and investing. Pensions and retirement. If things go wrong. Buying a home. Available from our Consumer

More information

BUYER S GUIDE TO FIXED DEFERRED ANNUITIES

BUYER S GUIDE TO FIXED DEFERRED ANNUITIES BUYER S GUIDE TO FIXED DEFERRED ANNUITIES Prepared by the National Association of Insurance Commissioners The National Association of Insurance Commissioners is an association of state insurance regulatory

More information

PLANNING THE RETIREMENT YOU WANT

PLANNING THE RETIREMENT YOU WANT PLANNING THE RETIREMENT YOU WANT Charlotte Supply Chain Graduate HEINEKEN UK Flexible Retirement Plan Contents A reminder of... How the Flexible Retirement Plan works 4 The benefits 6 Consider what you

More information

GROUP LIFE ASSURANCE AND DEPENDANTS PENSIONS.

GROUP LIFE ASSURANCE AND DEPENDANTS PENSIONS. GROUP PROTECTION GROUP LIFE ASSURANCE AND DEPENDANTS PENSIONS. Registered schemes and excepted group life policies. Helping you understand our policy. This is an important document which we suggest you

More information

The Personal Range Key Features of the Individual Personal Pension Transfer Value Account

The Personal Range Key Features of the Individual Personal Pension Transfer Value Account The Personal Range Key Features of the Individual Personal Pension Transfer Value Account Reference MPEN11/F 07.15 The Financial Conduct Authority is a financial services regulator. It requires us, Friends

More information

Life Insurance Tutorial & Calculation Worksheet

Life Insurance Tutorial & Calculation Worksheet Life Insurance Tutorial & Calculation Worksheet Provided By NAVY MUTUAL AID ASSOCIATION Henderson Hall, 29 Carpenter Road, Arlington, VA 22212 Telephone 800-628-6011-703-614-1638 - FAX 703-945-1441 E-mail:

More information

A Guide to Serious Illness Cover Creating your success through Financial Planning

A Guide to Serious Illness Cover Creating your success through Financial Planning & Guidance A Guide to Serious Illness Cover Contents How would the sudden onset of a serious illness impact my 02 financial wellbeing? What is serious illness cover? 03 What are the key causes of serious

More information

PENSIONS REFORM 6 APRIL 2015 YOUR QUESTIONS ANSWERED.

PENSIONS REFORM 6 APRIL 2015 YOUR QUESTIONS ANSWERED. PENSIONS REFORM 6 APRIL 2015 YOUR QUESTIONS ANSWERED. Following Government changes effective on 6 April 2015, there are different ways for anyone over 55 to access their defined contribution pension pots

More information

Flexible Protection Plan. Protecting your lifestyle and family with one simple plan

Flexible Protection Plan. Protecting your lifestyle and family with one simple plan Flexible Protection Plan Protecting your lifestyle and family with one simple plan Contents Introduction Income Protection Life Protection Critical Illness Protection Protection with a heart Extra things

More information

INCOME Promise. An Single-premium Immediate Fixed Annuity Underwritten by Nationwide Life Insurance Company

INCOME Promise. An Single-premium Immediate Fixed Annuity Underwritten by Nationwide Life Insurance Company INCOME Promise An Single-premium Immediate Fixed Annuity Underwritten by Nationwide Life Insurance Company What is a single-premium immediate fixed annuity? A single-premium immediate fixed annuity is

More information

KEY FEATurES of LEGAL & GEnErAL S PEnSIon AnnuITIES.

KEY FEATurES of LEGAL & GEnErAL S PEnSIon AnnuITIES. PEnSIon AnnuITIES KEY FEATurES of LEGAL & GEnErAL S PEnSIon AnnuITIES. Helping you make the right decisions for your future INsuRANCe. savings. INVesTMeNT MANAGeMeNT. 01 Key features of Legal & General

More information

Fixed Deferred Annuities

Fixed Deferred Annuities Buyer s Guide to: Fixed Deferred Annuities National Association of Insurance Commissioners 2301 McGee St Suite 800 Kansas City, MO 64108-2604 (816) 842-3600 1999, 2007 National Association of Insurance

More information

BUYER S GUIDE TO FIXED DEFERRED ANNUITIES

BUYER S GUIDE TO FIXED DEFERRED ANNUITIES BUYER S GUIDE TO FIXED DEFERRED ANNUITIES IT IS IMPORTANT that you understand the differences among various annuities so you can choose the kind that best fits your needs. This guide focuses on fixed deferred

More information

Understanding Your AmericanAirlines Pension Estimate. Chuck Laterza TWU Retirement Specialist

Understanding Your AmericanAirlines Pension Estimate. Chuck Laterza TWU Retirement Specialist Understanding Your AmericanAirlines Pension Estimate Chuck Laterza TWU Retirement Specialist Six Clicks to Your Pension Estimate Page It will take you a few clicks to get to the pension estimate page on

More information

Table of Contents. Participant Section

Table of Contents. Participant Section Table of Contents Participant Section Introduction...1 Planning Ahead...1 Distribution Making Your Choice...2 Other Considerations...5 Joint Life and Survivor Expectancy Table...7 Single Life Expectancy

More information

FLEXI-GUARANTEE LIVING ANNUITY (FGLA)

FLEXI-GUARANTEE LIVING ANNUITY (FGLA) FLEXI-GUARANTEE LIVING ANNUITY (FGLA) The purpose of an FGLA The purpose of an FGLA is to offer the client one annuity that allows for a variable income and a guaranteed income. The FGLA is a combination

More information

the annuity y(p (pension) maze

the annuity y(p (pension) maze the annuity y(p (pension) maze Bruce Cameron Editor: Personal Finance the annuity maze warning!! no annuity will make up for a shortfall in retirement savings increasing your investment risk is not a solution

More information

Planning a prosperous retirement

Planning a prosperous retirement Planning a prosperous retirement Towry s Guide to Retirement Planning About Towry We are one of the UK s leading Wealth Advisers and specialise in providing high quality, expert financial advice to private

More information

A Guide to Life Insurance Cover Creating your success through Financial Planning

A Guide to Life Insurance Cover Creating your success through Financial Planning & Guidance A Guide to Life Insurance Cover A Guide to Life Insurance Cover Financial Broker Contents How can I protect my family financially if I die? 02 What is life insurance? 03 What is a Financial

More information

A Guide to Life Insurance Cover Creating your success through Financial Planning

A Guide to Life Insurance Cover Creating your success through Financial Planning & Guidance A Guide to Life Insurance Cover Contents How can I protect my family financially if I die? 02 What is life insurance? 03 What is a Financial Broker? 06 Why would I need to use a Financial Broker?

More information

MACQUARIE LIFETIME INCOME GUARANTEE POLICY

MACQUARIE LIFETIME INCOME GUARANTEE POLICY MACQUARIE LIFETIME INCOME GUARANTEE POLICY series 1: Product disclosure statement issued 8 march 2010 Important NOTICE This Product Disclosure Statement ( PDS ) is dated 8 March 2010 and together with

More information

EXCELSIOR INVESTMENTS. Post-Retirement

EXCELSIOR INVESTMENTS. Post-Retirement Your financial planning does not retire when you do Your retirement has finally arrived and a long-awaited chapter in your life begins. By now you should have built up an adequate capital base to provide

More information

Independent consumer guide to life insurance

Independent consumer guide to life insurance Independent consumer guide to life insurance Who we are and what we do The Irish Financial Services Regulatory Authority was established in May 2003 to regulate financial services firms in Ireland. Our

More information

Maximizing your Pension with Life Insurance

Maximizing your Pension with Life Insurance American Brokerage Services, Inc. 805 E Willow Grove Ave. Suite 2-B Wyndmoor, PA 1-888-227-3131 500 annuities1@absgo.com www.absgo.com Maximizing your Pension with Life Insurance Page 2 of 6 Maximizing

More information

Maximizing Your Pension with Life Insurance

Maximizing Your Pension with Life Insurance Maximizing Your Pension with Life Insurance Introduction If you participate in a traditional pension plan (known as a defined benefit plan) with your employer, you may receive monthly benefits from the

More information

For expert advice call 01494 451441

For expert advice call 01494 451441 Protection Planning Life and Protection Insurance The cost of insurance, particularly life insurance has fallen over recent years, whilst the quality of cover has in many cases increased. With this in

More information

Financial planning guide For teachers who are approaching retirement

Financial planning guide For teachers who are approaching retirement Financial planning guide For teachers who are approaching retirement Financial planning guide 1 2 Contents Think ahead 4 When did you join? 5 Different rules, at different times 6 What kind of member are

More information

The. OPN Living Annuity. Your post-retirement income solution

The. OPN Living Annuity. Your post-retirement income solution The OPN Living Annuity Your post-retirement income solution OPN Living Annuity OPN Living Annuity Suitable for Members retiring from the OPN Personal Pension, or any other RA, Pension, Provident or Preservation

More information

Retirement savings vehicles Do you understand the difference? Edition Two November 2011. Author: Tania Theron

Retirement savings vehicles Do you understand the difference? Edition Two November 2011. Author: Tania Theron Author: Tania Theron Retirement savings vehicles Do you understand the difference? We often see articles urging us to save for retirement in order to live a comfortable life the day we retire. Do investors

More information

Contents Introduction To Annuities Flexibility of Annuity Types of Annuity About Pensioncalculator.org

Contents Introduction To Annuities Flexibility of Annuity Types of Annuity About Pensioncalculator.org Annuities Guide Contents Introduction To Annuities What is an Annuity? Why Bother with an Annuity? Main Advantages of Annuities Pros and Cons Flexibility of Annuity Buying an annuity Tax & National Insurance

More information

KEY GUIDE. Investing for income at retirement

KEY GUIDE. Investing for income at retirement KEY GUIDE Investing for income at retirement Introduction The decisions you make at retirement could have repercussions for the rest of your life. That might be considerably longer than you think, as the

More information

Income for Life Annuity Program* Immediate Annuities for Retirement Income

Income for Life Annuity Program* Immediate Annuities for Retirement Income Income for Life Annuity Program* Immediate Annuities for Retirement Income *ICMA-RC partners with select insurance companies that make annuities available through the Income for Life Annuity program. Participating

More information

Key Features of the Lifetime Annuity

Key Features of the Lifetime Annuity from the Select Portfolio This is an important document which you should keep along with your personalised Illustration. S E L E C T Alico is a leading international life insurer with a unique heritage

More information

Pay-on-delivery investing. Evolve Investment Range

Pay-on-delivery investing. Evolve Investment Range Pay-on-delivery investing Evolve Investment Range 1 EVOLVE INVESTMENT RANGE EVOLVE INVESTMENT RANGE 2 Picture a world where you only pay a company once they have delivered. Imagine striking oil first,

More information

YOUR GUIDE TO RETIREMENT

YOUR GUIDE TO RETIREMENT YOUR GUIDE TO RETIREMENT www.phoenixlife.co.uk CONTENTS Page Purpose of this guide 3 Your pension options - Buying your pension income (annuity) from us 4 Your pension options - Buying your pension income

More information

Lifetime Annuity and Scheme Pension Key Features

Lifetime Annuity and Scheme Pension Key Features Lifetime Annuity and Scheme Pension Lifetime Annuity and Scheme Pension Key Features This document shows the main points about your policy. Please read it with your Personal Example and keep them with

More information

Pension benefits guide How you can use your pension pot to suit your needs

Pension benefits guide How you can use your pension pot to suit your needs Pension benefits guide How you can use your pension pot to suit your needs axawealth.co.uk With the flexibility you have to take benefits through your pension, it can be difficult to know what s best for

More information

Current as at 1 July 2014 Adviser use only. Technical guide: Challenger Lifetime and Term Annuities

Current as at 1 July 2014 Adviser use only. Technical guide: Challenger Lifetime and Term Annuities Current as at 1 July 2014 Adviser use only Technical guide: Challenger Lifetime and Term Annuities Table of contents Introduction 1 Challenger Lifetime Annuities 2 Product features 3 Centrelink treatment

More information

COMMINSURE LIFETIME INCOME ANNUITY.

COMMINSURE LIFETIME INCOME ANNUITY. COMMINSURE LIFETIME INCOME ANNUITY. A retirement income solution now with a Death Benefit Guarantee. A CommInsure Lifetime Income Annuity now offers even more comfort, protection and value with a Death

More information

Guaranteed Drawdown. Giving you confidence about your retirement income

Guaranteed Drawdown. Giving you confidence about your retirement income Guaranteed Drawdown Giving you confidence about your retirement income 1 The new retirement landscape As you approach retirement, it s time to make those important financial decisions that will see you

More information

Guide to Pension Annuities

Guide to Pension Annuities Guide to Pension Annuities Having successfully built up a pension fund during your working life, there will come a time when you will need to make some important decisions about how to use this fund. These

More information

COVER THOSE YOU LOVE A GUIDE TO LIFE INSURANCE SUNCORP LIFE PROTECT

COVER THOSE YOU LOVE A GUIDE TO LIFE INSURANCE SUNCORP LIFE PROTECT COVER THOSE YOU LOVE A GUIDE TO LIFE INSURANCE SUNCORP LIFE PROTECT THE EASY WAY TO PROTECT YOUR FAMILY You ve made the smart decision to learn about life insurance. Now we can make it easy for you to

More information

Taking your money out of NEST

Taking your money out of NEST Taking your money out of NEST 2 About this booklet This booklet is designed to help you think about what you want to do with your money when you take it out of NEST. It doesn t give you financial advice

More information

Understanding retirement income Version 5.0

Understanding retirement income Version 5.0 Understanding retirement income Version 5.0 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to understanding retirement.

More information

Payouts. Protection. In One Place.

Payouts. Protection. In One Place. Payouts. Protection. In One Place. ING Single Premium Immediate Annuity issued by ING USA Annuity and Life Insurance Company Your future. Made easier. Payouts. Protection. In today s financial world, some

More information

Guide to SIPPs. Investment Helpdesk: 0131 550 1212. www.cs-d.co.uk

Guide to SIPPs. Investment Helpdesk: 0131 550 1212. www.cs-d.co.uk Investment Helpdesk: 0131 550 1212 www.cs-d.co.uk SIPP stands for Self Invested Personal Pension. SIPPs are a flexible type of personal pension. Like most, they are designed to provide a retirement pot

More information

CONSIDERING A PENSION PAYOUT

CONSIDERING A PENSION PAYOUT CONSIDERING A PENSION PAYOUT Seven decision factors to help you determine whether to continue pension benefits or take a lump sum payout. 180k 160 140 120 100 80 60 40 20 0 1990 1995 2000 1985 2005 KEY

More information

FSA Factsheet Retiring soon what you need to do about your pensions

FSA Factsheet Retiring soon what you need to do about your pensions October 2005 FSA Factsheet Retiring soon what you need to do about your pensions Financial Services Authority This factsheet is for you if: you re planning to retire soon, or you want to plan ahead; and

More information

Annuities Guide. Simply Retirement make it easy for you to find the best deal in retirement. Simply Retirement Ltd who are we? Who is this guide for?

Annuities Guide. Simply Retirement make it easy for you to find the best deal in retirement. Simply Retirement Ltd who are we? Who is this guide for? Simply Retirement make it easy for you to find the best deal in retirement Jan Leeming Annuities Guide Simply Retirement Ltd who are we? Thank you for requesting this annuity guide. I would just like to

More information

Pension Benefits or Life Insurance

Pension Benefits or Life Insurance /^+ tczo-3 Shelf 0 CHOICES FOR FEDERAL EMPLOYEES Pension Benefits or Life Insurance for the Surviving Spouse EC 1365 Revised March 1993 $1.25 OR6GONSTATG UNIVGRSITY GXreiMSION S RVICe The information in

More information

What to Consider When Faced With the Pension Election Decision

What to Consider When Faced With the Pension Election Decision PENSION ELECTION Key Information About Your Pension (Optional Forms of Benefits) Pension Math and Factors to Consider Pension Maximization What Happens if Your Company Files for Bankruptcy and Your Company

More information